Navigator Gas to Sell Eight Vessels, Exit Unigas JV in $183M Deal
Navigator Holdings has signed a non-binding letter of intent to sell eight gas carriers and its shareholding in a joint venture for about $183 million.
The agreement with Bernhard Schulte and Sloman Neptun covers vessels currently managed under the Unigas International joint venture.
Navigator said the proposed transaction would see it fully exit the Unigas pool, which will continue to operate with the remaining partners.
The vessels, with capacities ranging from 6,800 cubic meters to 12,000 cubic meters and built between 2008 and 2017, have an average age of about 13 years.
The company said the sale is aligned with its strategy to optimize its fleet and focus on handysize and midsize ethylene-capable vessels, with proceeds to be used for general corporate purposes.
“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.
“We are grateful to our Unigas partners for the constructive and long-standing relationship we have shared over many years,” added Mads Peter Zacho, Chief Executive Officer.
The transaction is subject to definitive agreements, board and regulatory approvals and other conditions, with closing expected by the fourth quarter of 2026.
