Navigator Holdings Ltd. (NYSE:NVGS) is one of the Best Undervalued UK Stocks to Buy According to Analysts. On July 17, Navigator Holdings Ltd. (NYSE:NVGS) announced its new partnership with Amon Maritime. The joint venture between the two companies is called Navigator Amon Shipping AS.
Navigator Holdings Ltd. (NYSE:NVGS) owns 80% of this new joint venture, whereas Amon Maritime owns 20%. The partnership plans to build two new ships in Norway, which will use ammonia as fuel and can also carry liquefied petroleum gas. Each ship will have a capacity of 51,530 cubic meters and will be constructed by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd, costing around $84 million each. The ships are expected to be delivered in June and October of 2028.
A modern seaborne tanker off the coast of a major metropolitan city, transporting liquefied petroleum gas.
Both the new ships have received significant support from the Norwegian government’s agency, Enova, as it has granted NOK 90 million for each ship; however, the management noted that the rest of the funding will come from bank loans. The companies plan to lease these ships to a major industry player on a 5-year contract.
Navigator Holdings Ltd. (NYSE:NVGS) already owns and operates a large fleet of specialized ships that carry liquefied gases like petrochemical gases, LPG, and ammonia.
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Disclosure: None. This article is originally published at
Insider Monkey.
