Navigator Gas Announces Planned Sale of Eight Gas Vessels

Company to exit Unigas joint venture as part of $183 million transaction with Bernhard Schulte and Sloman Neptun

Apr. 15, 2026 at 6:34am

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A highly polished, geometric metal sculpture in the shape of a liquefied gas tanker ship, dramatically lit against a clean, monochromatic background, symbolizing the abstract concepts of corporate strategy and market positioning in the shipping industry.Navigator Gas' strategic divestment of non-core vessels reflects a disciplined approach to capital allocation and fleet optimization in the liquefied gas shipping sector.Houston Today

Navigator Holdings Ltd., the owner and operator of the world's largest fleet of handysize liquefied gas carriers, has signed a non-binding letter of intent to sell eight of its gas carriers and its stake in the Unigas International B.V. joint venture to Bernhard Schulte and Sloman Neptun for approximately $183 million. The proposed transaction is part of Navigator's ongoing efforts to optimize its fleet and capital allocation.

Why it matters

The sale of these non-core vessels, with an average age of 13 years, will allow Navigator to focus on its long-term strategy of growing and consolidating its handysize and midsize ethylene-capable fleet. The transaction is expected to be value-accretive and support the company's ongoing fleet renewal efforts.

The details

The eight vessels being sold are the Happy Pelican, Happy Penguin, Happy Condor, Happy Osprey, Happy Kestrel, Happy Peregrine, Happy Albatross, and Happy Avocet, with capacities ranging from 6,800 to 12,000 cubic meters. Upon completion of the transaction, Navigator will fully exit the Unigas pool, which will continue to operate with Sloman Neptun and Bernhard Schulte as the remaining partners.

  • Navigator signed the non-binding letter of intent on April 14, 2026.
  • The parties anticipate closing the proposed transaction by the fourth quarter of 2026.

The players

Navigator Holdings Ltd.

The owner and operator of the world's largest fleet of handysize liquefied gas carriers, focused on the seaborne transportation of petrochemical gases, liquefied petroleum gas, and ammonia.

Bernhard Schulte (Singapore) Holdings Pte. Ltd.

A leading, family-owned maritime solutions provider with over 140 years of experience in the industry, including ship owning, ship management, and other maritime services.

Sloman Neptun Schiffahrts-Aktiengesellschaft

A shipping company that has been in business since 1873, owning and operating a diversified fleet of gas tankers, oil/chemical tankers, and dry cargo vessels, and a co-founder and shareholder of the Unigas Pool.

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What they’re saying

“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. This step reflects a clear focus on simplifying our portfolio and concentrating on assets that best support our core activities, while maintaining the flexibility to continue refreshing the fleet and positioning Navigator Gas for sustainable long-term performance.”

— Mads Peter Zacho, Chief Executive Officer

What’s next

The proposed transaction is subject to the execution of definitive vessel and share sale documentation, approval by the boards of directors of Navigator Gas, Bernhard Schulte and Sloman Neptun, any regulatory approvals, and other customary closing conditions.

The takeaway

This sale of non-core vessels is part of Navigator Gas' ongoing efforts to optimize its fleet and capital allocation, allowing the company to focus on its long-term strategy of growing and consolidating its handysize and midsize ethylene-capable fleet to support its core business activities and position the company for sustainable performance.