Navigator Holdings Ltd. (Navigator) (NYSE: NVGS), the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, announced on Tuesday (Jan17) the second vessel acquisition under its 60/40 joint venture with Greater Bay Gas Co. Ltd. (Liberia) (Greater Bay Gas), previously announced on September 30, 2022. The Joint Venture announced the purchase of its first of five vessels on December 20, 2022.
The vessel, renamed Navigator Solar, is a 17,000 cbm liquefied ethylene gas carrier, built in 2018 and was delivered on January 16, 2023. The remaining vessels expected to be purchased over the next 12 months by the Joint Venture are three 22,000 cbm, 2019-built ethylene carriers.
As previously announced, all five vessels will continue to be commercially managed under the Luna Pool collaboration arrangement, and technical management will be provided by the third-party technical manager, PG Shipmanagement Pte. Ltd. of Singapore.
About Greater Bay Gas
Greater Bay Gas is a gaseous product logistic service provider based in the heart of the Shenzhen Greater Bay Area, China. It currently operates the fleet of five modern semi-pressurized and semi-refrigerated ethylene and ethane gas carriers that are expected to be acquired by the Joint Venture. It aims to develop its core business through global strategic partnerships to serve increasing demand for shipping and related logistics of gaseous product worldwide.
Greater Bay Gas Co. Ltd. (HK) was founded primarily by Equator Fund Limited, which is a maritime-focused fund, having its headquarters in the Municipality of Shenzhen, with offices in Hong Kong and Shanghai, China.