Navigator Holdings Ltd. (NVGS) has secured a senior secured term loan of $133.77 million from ABN AMRO, Crédit Agricole, and Nordea. The loan will cover 65 % of the pre‑delivery and delivery instalments for two 48,500‑cubic‑meter liquefied ethylene carriers under construction at Jiangnan Shipyard and China Shipbuilding Trading. The five‑year post‑delivery term carries an interest rate of SOFR plus 1.50 % and is secured by mortgages on the vessels, giving the company a low‑cost financing structure that preserves cash reserves for other operational needs.
The two new carriers, each with a capacity of 48,500 cubic metres, are scheduled for delivery in November 2027 and January 2028. Their construction at Jiangnan Shipyard and China Shipbuilding Trading positions Navigator to meet growing demand for ethylene transport and to enhance fleet versatility. The vessels are designed to handle a range of petrochemical gases, including ethylene, ethane, and clean ammonia, and are equipped to navigate the Panama Canal, expanding the company’s service footprint.
Navigator’s fleet expansion aligns with its broader strategy of capacity growth and diversification. The company already holds a 50 % stake in an ethylene export terminal in Morgan’s Point, Texas, and is exploring opportunities to transport CO₂ and clean ammonia. The new carriers will strengthen Navigator’s market position, support long‑term customer needs, and provide a platform for future growth in the liquefied gas shipping sector.
"Securing funding for two of our vessels under construction on highly competitive terms from a supportive banking group represents an important milestone as we advance our newbuilding program and continue renewing our fleet," said Gary Chapman, Chief Financial Officer. "The terms achieved will allow us to deliver state‑of‑the‑art vessels that enhance our fleet capabilities, support our customers' long‑term needs, and continue to deliver long‑term value to our shareholders."
Investors welcomed the financing, citing the favorable terms and the company’s strong recent performance. The announcement was supported by robust Q3 2025 results and a 40 % dividend increase announced in November 2025, which together reinforced confidence in Navigator’s execution and financial health.
The loan strengthens Navigator’s balance sheet by providing a low‑cost, secured source of capital for fleet expansion while preserving cash reserves. With the new carriers scheduled for delivery in late 2027 and early 2028, the company is positioned to capture growing demand for ethylene transport and to support its long‑term growth strategy in the liquefied gas shipping market.
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