• 2021 April 14 08:01

    Navigator Holdings and Ultragas to merge fleets & businesses entity

    Navigator Holdings Ltd. (“Navigator”) has announced the signing of a non-binding Letter of Intent with Naviera Ultranav Limitada (“Ultranav”) to merge Ultragas ApS’ (“Ultragas”) fleet and business activities with Navigator, according to the company's release. The transaction would unite two leading gas shipping companies with similar culture and mindset and is expected to enhance Navigator’s safe, reliable, energy and environmentally efficient, marine transport services. The combined fleet would total 56 vessels, which would enhance Navigator’s capability to provide flexibility and support to its customers.

    It is expected that Navigator would issue approximately 21.2 million new shares of its common stock to Ultranav, and assume Ultragas’ net debt of approximately $197 million, as well as its net working capital. The combined entity would have an aggregate net asset value of approximately $1.3 billion, based primarily upon desktop appraisals by maritime brokers.

    After giving effect to the proposed issuance of its new shares of common stock to Ultranav, Navigator is expected to have a total of approximately 77.1 million shares of common stock outstanding, of which Ultranav would own approximately 27.5% and BW Group would own approximately 28.4%.

    The transaction is expected to be accretive compared to Navigator’s standalone budgets, in terms of anticipated revenue, EBITDA and EPS.

    Ultragas’ fleet of seven modern 22,000 cbm semi-refrigerated vessels, five 12,000 cbm ethylene vessels and six gas carriers in the 3,770-9,000 cbm range will broaden the service offering for the combined fleet. With the addition of these vessels, Navigator will be better positioned to engage new clients and new markets through increased coverage and geographical reach.

    About Ultragas

    Since 1960, Ultragas has been in gas tanker shipping and is today a leading provider of marine transportation of liquefied petroleum and petrochemical gases in the small and handysize segments. Ultragas owns and operates a modern fleet of 18 Liquefied Petroleum Gas Carriers. Commercial management is handled from the office in Copenhagen, and technical management is provided by the inhouse ship management company, UltraShip, who is also responsible for the about 650 officers and crew required to provide a safe and efficient service to the customers. Ultragas is part of the Ultranav Group.

    About Ultranav Group

    Ultranav is a privately owned shipping group with offices in 15 countries. Through eleven business units, Ultranav operates in five market segments: Tankers, gas, dry bulk, regional trades in the Americas and towage & offshore. Ultranav operates a global fleet of more than 300 vessels, of which 73 are fully owned. Via Ultratug, Ultranav also operates more than 100 tugs and offshore supply vessels in the Latin American region.

    About Navigator Holdings Ltd

    Navigator Holdings Ltd. is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator’s fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, 14 of which are ethylene and ethane capable.




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