$121.8M Financing Secured for Two Ammonia Carriers, Delivery Set for 2028
NVGS sits 59% above its 52-week low of $14.08.
Summary
Navigator Gas's joint venture locked in a $121.8 million senior secured term loan from ING, SocGen, and OCBC to fund two ammonia carriers upon delivery in 2028. The six-year facility covers up to 70% of vessel costs at SOFR + 1.35%, with the remaining equity coming from JV partners. This follows a $205.8 million financing for two gas carriers in June, reinforcing the company's fleet expansion into ammonia transport. The attractive terms and bank group signal lender confidence in the ammonia strategy. Delivery is still years out, but the financing de-risks the build program and preserves balance sheet flexibility.
At the time of this announcement, NVGS was trading at $22.35 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $14.08 to $24.36. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.