Navigator Gas Secures $133.7M Loan for Two New Vessels

Financing will fund construction of two 48,500 cubic metre liquefied ethylene gas carriers.

Published on Mar. 2, 2026

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Navigator Holdings Ltd., the owner and operator of the world's largest fleet of handysize liquefied gas carriers, has secured a $133.7 million secured term loan to finance the construction of two new 48,500 cubic metre liquefied ethylene gas carriers. The loan will cover up to 65% of the pre-delivery and delivery installments for the vessels, which are scheduled for delivery in November 2027 and January 2028.

Why it matters

The financing will allow Navigator Gas to continue renewing and expanding its fleet of specialized gas carriers, which play a vital role in the global supply chain for energy companies, industrial consumers, and commodity traders. Securing competitive loan terms from a supportive banking group is an important milestone as the company invests in state-of-the-art vessels to meet customer needs.

The details

Navigator Gas subsidiaries Navigator Parsec L.L.C. and Navigator Pleione L.L.C. entered into a $133.77 million senior secured term loan with ABN AMRO Bank N.V., Crédit Agricole Corporate & Investment Bank, and Nordea Bank Abp. The loan will finance up to 65% of the pre-delivery and delivery installments for the two new vessels, with the remaining costs coming from Navigator's cash resources. The five-year post-delivery loan carries an interest rate of SOFR plus 1.50%.

  • The shipbuilding contracts for the two vessels were signed in November 2024.
  • The first vessel is scheduled for delivery in November 2027.
  • The second vessel is scheduled for delivery in January 2028.

The players

Navigator Holdings Ltd.

The owner and operator of the world's largest fleet of handysize liquefied gas carriers.

Navigator Parsec L.L.C.

A Navigator Gas subsidiary that entered into the loan agreement.

Navigator Pleione L.L.C.

A Navigator Gas subsidiary that entered into the loan agreement.

ABN AMRO Bank N.V.

One of the lenders that provided the $133.77 million secured term loan.

Crédit Agricole Corporate & Investment Bank

One of the lenders that provided the $133.77 million secured term loan.

Nordea Bank Abp, filial i Norge

One of the lenders that provided the $133.77 million secured term loan.

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What they’re saying

“Securing funding for two of our vessels under construction on highly competitive terms from a supportive banking group represents an important milestone as we advance our newbuilding program and continue renewing our fleet. The terms achieved will allow us to deliver state-of-the-art vessels that enhance our fleet capabilities, support our customers' long-term needs, and continue to deliver long-term value to our shareholders.”

— Gary Chapman, Chief Financial Officer (Navigator Gas)

The takeaway

The financing deal allows Navigator Gas to continue investing in its fleet of specialized gas carriers, which play a critical role in the global energy and petrochemicals supply chain. The competitive loan terms demonstrate the company's strong financial position and ability to secure funding for strategic growth initiatives.