Navigator goes ahead with further newbuilds

Navigator has entered into a contract with Jiangnan to construct a 35,000m3 gas carrier for delivery in April 2016. This vessel will be the largest ethane gas carrier on the market transporting essential petrochemical feedstock. The company has an option agreement for the construction of up to three further ethane capable 35,000 m3 vessels.

These new ethane carriers were specifically designed in anticipation of large-scale exports of ethane becoming available from surplus US shale gas production and the desire by international petrochemical companies to diversify their feedstock supplies with low cost US ethane.

Navigator Gas owns and operates one of the largest fleets of handysize liquefied gas carriers in the world. With the two additional committed newbuildings, Navigator now has ten vessels in its newbuilding program, four of which are due for delivery in 2014, four in 2015 and two in 2016. Its fleet consists of 33 semi- or fully-refrigerated liquefied gas carriers, including ten newbuilding vessels.