Navigator Gas signed a non-binding letter of intent to sell eight gas carriers and its shareholding in the Unigas International joint venture. Bernhard Schulte and Sloman Neptun are the intended buyers in a transaction valued at approximately $183 million.
The sale includes the vessels Happy Pelican, Happy Penguin, Happy Condor, Happy Osprey, Happy Kestrel, Happy Peregrine, Happy Albatross, and Happy Avocet. Once the deal is finalised, Navigator Gas will fully exit the Unigas Pool while the remaining partners continue operations.
The company stated that proceeds from the sale are expected to be used for general corporate purposes. This divestment follows a strategy to focus on ethylene-capable Handysize and midsize vessels by removing non-core tonnage.
Navigator Gas expects the vessels to be sold at approximately net asset value to support fleet renewal and optimise its balance sheet. The ships involved in the transaction have an average age of 13 years.
Chief Executive Officer Mads Peter Zacho said, “As our business continues to develop, it is important that our fleet composition and capital allocation remain tightly aligned with our long-term strategic direction.” He explained the move concentrates on assets supporting core activities while providing flexibility to refresh the fleet.
The transaction remains subject to definitive documentation, board and regulatory approvals, and customary closing conditions. The parties anticipate that the sale will close by the fourth quarter of 2026.