Navigator Holdings has secured a $121.8 million senior secured post-delivery term loan to finance the construction of two ammonia-fuelled liquefied ammonia carriers through its Navigator Amon Shipping joint venture with Amon Maritime.
The loan agreement was signed on July 31 by subsidiaries of Navigator Amon Shipping and is being provided by ING Bank, Société Générale and Oversea-Chinese Banking Corporation. The facility will finance up to 70 per cent of the construction cost of the two 51,350-cubic-metre liquefied ammonia carriers.
The vessels are being built by Nantong CIMC Sinopacific Offshore and Engineering in China under shipbuilding contracts signed in July 2025.
According to the company, deliveries are expected in May 2028 and September 2028. Pre-delivery payments and the remaining delivery instalments will be funded through cash contributions from the joint venture partners.
The six-year post-delivery loan is secured by mortgages over both vessels and bears interest at the Secured Overnight Financing Rate (SOFR) plus 1.35 per cent, payable quarterly. Navigator Holdings and Navigator Amon Shipping have guaranteed the facility.
Chief Financial Officer Gary Chapman said, "Securing six-year post-delivery debt at an attractive margin, from a high-quality banking group, supports disciplined capital allocation and preserves balance sheet flexibility while we advance the construction of these next-generation vessels."
He added that the joint venture is investing to meet long-term customer demand for the transportation of ammonia and liquefied petroleum gas.