New York-listed small-scale LPG carrier owner and operator Navigator Gas announced that its joint venture with Amon Maritime, Navigator Amon Shipping, has signed a $121.8 million financing facility for two newbuilding ammonia carriers.

Specifically, a subsidiary of Navigator Amon Shipping entered into a senior secured post-delivery term loan on July 31 with ING Bank N.V., London Branch, Société Générale, and OCBC Bank Limited to fund the delivery of two vessels with a cargo capacity of 51,350 cubic meters each.

The two vessels, currently under construction in China, are ammonia-fueled liquefied ammonia carriers that are also capable of transporting LPG.

Under the shipbuilding contracts signed in July 2025 with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd., the lenders agreed to provide the borrower with a facility of up to $121.8 million, covering up to 70% of the construction cost upon delivery of the two newbuildings. The vessels are scheduled for delivery in May and September 2028, respectively.

Navigator Gas Chief Financial Officer Gary Chapman commented: "This financing is an important step in translating our ammonia growth strategy into fully financed, commercially contracted investments. Securing six-year post-delivery debt at attractive margins with the support of a high-quality banking group is consistent with disciplined capital allocation and maintains balance sheet flexibility while advancing our next-generation newbuilding program."

"Together with our partner Amon Maritime, we are investing in response to long-term customer demand for safe and efficient ammonia transport. These vessels are designed to suit both current LPG and ammonia trades, as well as the emerging market for ammonia as a marine fuel."

Navigator Gas holds a 50% stake in a joint venture owning the Morgan Point ethylene export marine terminal on the Houston Ship Channel in Texas. The company currently operates a fleet of 54 semi-refrigerated or fully refrigerated gas carriers, of which 24 are capable of transporting ethylene and ethane.