Navigator Holdings Ltd. (Navigator) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announced on Tuesday (Nov15) that it intends to participate in a capital project, under its existing joint venture with Enterprise Products Partners L.P. (Enterprise), that consists of expanding its existing ethylene export terminal joint venture at Morgan’s Point (the Expansion Project).
The developments making up the Expansion Project will be owned by Navigator Ethylene Terminal LLC, a joint venture that is 50/50 owned by Navigator and Enterprise (the Export Terminal Joint Venture).
It is expected that the Expansion Project will provide significant additional ethylene refrigeration capacity for the Export Terminal Joint Venture, which will create an opportunity for the Export Terminal Joint Venture to generate additional revenue through increased volumes. Navigator expects to make cash contributions to the Export Terminal Joint Venture for construction commencing in the first quarter of 2023 and ending in 2024, at which time the Expansion Project is expected to begin commercial service.