Navigator Holdings announces participation in expansion project under existing ethylene export terminal JV
Navigator Holdings Ltd., the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, intends to participate in a capital project, under its existing joint venture with Enterprise Products Partners L.P., that consists of expanding its existing ethylene export terminal joint venture at Morgan’s Point. 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, according to the company's release.
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.
Navigator Holdings Ltd. is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator’s fleet consists of 53 semi- or fully-refrigerated liquefied gas carriers, 21 of which are ethylene and ethane capable. On September 30, 2022, Navigator announced a new joint venture with Greater Bay Gas Co. Ltd., owned 60% by Navigator and 40% by Greater Bay, with the intention to acquire five ethylene vessels over the next fifteen months. The company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow.
