Shipbuilding: Navigator Holdings Orders Two LPG Carriers

Navigator Holdings Ltd. (NYSE: NVGS) announced that it has ordered two 22,000 cubic meter semi-refrigerated liquefied gas carriers at Hyundai Mipo Dockyard (HMD) in South Korea at a construction cost of $51 million each. The vessels are scheduled to be delivered in January and March 2017 respectively.

 

These two LPG vessels will operate on agreed time charters for an initial term of five years from delivery, with a charterer’s option, exercisable prior to the delivery of the vessels, to extend the term for an additional five years – making them each ten year time charters. The vessels will be built with the latest maritime technologies, maximum cargo capacities and fuel efficiencies as well as technical specifications which are unavailable on much of our existing fleet, and required by our charterer.