Navigator Holdings has signed definitive agreements to sell eight gas carriers and its shareholding in the Unigas International joint venture for approximately $183 million.
The transaction follows a non-binding letter of intent from April 15, and is expected by the firm to close by the fourth quarter of 2026.
Bernhard Schulte Investment Holding and Sloman Neptun, who are existing partners in the Unigas pool, will acquire the vessels and joint venture shares.
The vessels involved in the sale are Happy Pelican, Happy Penguin, Happy Condor, Happy Osprey, Happy Kestrel, Happy Peregrine, Happy Albatross, and Happy Avocet.
These vessels, built between 2008 and 2017, have capacities ranging from 6,800 cubic metres to 12,000 cubic metres.
Specifically, Happy Pelican and Happy Penguin have capacities of 6,800 cubic metres, Happy Condor holds 9,000 cubic metres, and the remaining five carriers each hold 12,000 cubic metres.
Navigator Holdings stated that proceeds from the sale are expected to be used for general corporate purposes.
According to the company, the divestment aligns with its focus on fleet optimisation and capital allocation, allowing it to concentrate on growing its fleet of Handysize and midsize ethylene-capable vessels.
Following the completion of the sale, the company fleet will be reduced to 46 vessels, of which 16 will be capable of carrying ethylene and ethane. This transaction remains subject to customary closing conditions and the physical delivery of the vessels.