Navigator Gas Secures $121.8 Million Financing for New Ammonia Carriers
Navigator Holdings Ltd. has secured a $121.8 million financing agreement to support the construction of two new ammonia-fuelled liquefied gas carriers, strengthening the company’s strategy to expand its role in the emerging ammonia transportation market.
The financing was agreed by subsidiaries of Navigator Amon Shipping AS, a joint venture between Navigator Gas and Amon Maritime, with a group of international lenders including ING Bank N.V., London Branch, Société Générale and Oversea-Chinese Banking Corporation Limited.
The senior secured post-delivery term loan will finance up to 70% of the cost of two 51,350 cubic metre capacity ammonia carriers currently under construction in China. The vessels are being built by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd., following shipbuilding contracts signed in July 2025.
The two newbuild vessels are expected to be delivered in May 2028 and September 2028. Designed to transport liquefied ammonia, the ships will also have the capability to carry liquefied petroleum gas (LPG), allowing them to participate in both existing gas transportation markets and future ammonia fuel supply chains.
The financing facility has a six-year post-delivery term and is secured through vessel mortgages and other guarantees. The outstanding loan amount will carry interest at SOFR plus 1.35%, payable quarterly. Navigator Holdings Ltd. and Navigator Amon Shipping AS will provide guarantees for the borrowers’ obligations under the agreement.
Navigator Gas said the financing represents a key milestone in transforming its ammonia growth strategy into a fully funded investment programme. The company believes the combination of long-term customer demand, competitive financing and flexible vessel capabilities will create opportunities as ammonia becomes increasingly important in the global energy transition.
Gary Chapman, Chief Financial Officer of Navigator Gas, said the agreement supports disciplined capital allocation while maintaining financial flexibility as the company develops next-generation vessels designed for ammonia and LPG transportation.
The company added that, together with Amon Maritime, it is investing in vessels capable of supporting the safe and efficient transport of ammonia, including the growing market for ammonia as a marine fuel.
As industries worldwide explore lower-carbon alternatives, ammonia is gaining attention as a potential zero-carbon fuel for shipping and energy applications. Navigator Gas’ investment in ammonia-capable vessels positions the company to support future demand for cleaner maritime fuel infrastructure while continuing to serve established liquefied gas markets.
