Navigator Holdings announces first vessel acquisition under 60/40 joint venture with Greater Bay Gas
Navigator Holdings Ltd., the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, has announced that following the formation of its 60/40 joint venture with Greater Bay Gas Co. Ltd., previously announced on September 30, 2022, the Joint Venture has today acquired the first of its scheduled five vessels, according to the company's release.
The vessel, a 17,000 cbm 2018-built liquefied ethylene gas carrier was renamed Navigator Luna, in recognition of the Navigator and Greater Bay Gas Luna Pool collaboration arrangement. The remaining vessels to be acquired by the Joint Venture include another 17,000 cbm, 2018-built ethylene carrier and three 22,000 cbm, 2019-built ethylene carriers, which are expected to be purchased over the next 12 months.
The vessels will continue to be commercially managed by the Luna Pool, and technical management will be provided by the third-party technical manager, PG Shipmanagement Pte. Ltd. of Singapore.
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.
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 now consists of 53 semi- or fully-refrigerated liquefied gas carriers, 22 of which are ethylene and ethane capable.
