New York-listed handysize gas carrier owner and operator Navigator Holding has formed a joint venture with Norway’s Amon Maritime for two newbuild ammonia-fuelled liquefied ammonia carriers.
The JV, named Navigator Amon Shipping, has placed an order with Nantong CIMC Sinopacific Offshore & Engineering for two 51,530 cu m vessels. Both ships will be able to carry ammonia and LPG. The estimated cost per vessel is $84m, with deliveries expected in June and October 2028.
Each project has secured roughly $9m in funding support from the Norwegian state energy agency Enova.
Navigator will hold an 80% stake in the joint venture, while Amon Maritime will retain around 20%, subject to final investment agreements. The ships are due to enter into five-year charters with a major industry player upon delivery.
The majority of the funding will be arranged through commercial bank finance, with the rest coming from equity contributions by Navigator and Amon Maritime.
Commenting on the order, Mads Peter Zacho, CEO of Navigator, said: “Expanding our fleet with two modern ammonia carriers capable of using clean ammonia as a fuel, operating in a long-term time charter, is a strategic enabler in meeting the growing demand for a sustainable fuel source in a net-zero economy. These modern vessels will be equipped with newly developed technologies that comply with present and future environmental regulations and will thereby deliver great value to both our customers and our shareholders.”
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