Navigator Holdings has announced an order for two 22,000m3 semi-refrigerated liquefied gas carriers at Hyundai Mipo Dockyard ("HMD") in South Korea at a construction cost of US$51.0 million each.
The two LPG vessels will operate on agreed time charters for an initial term of five years from delivery, with a charterer's option, exercisable prior to the delivery of the vessels, to extend the term for an additional five years – making them each ten-year time charters.
According to Navigator Holdings, the vessels will incorporate advanced maritime technologies, maximum cargo capacities and fuel efficiencies as well as technical specifications unavailable on much of the company's existing fleet but required by the charterer.
The vessels are due to be delivered in January 2017 and March 2017, respectively.
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