Navigator Gas has sealed a $183m deal to sell eight gas carriers and exit the Unigas Pool by disposing of its 33.3% stake in Netherlands-based Unigas International.
The London-based, New York-listed owner signed definitive agreements on 13 July with German shipowners Bernhard Schulte Investment Holding and Sloman Neptun Schiffahrts, its existing partners in the pool. The transaction covers the 6,800-cbm *Happy Pelican* and *Happy Penguin*, the 9,000-cbm *Happy Condor*, and five 12,000-cbm vessels: *Happy Osprey*, *Happy Kestrel*, *Happy Peregrine*, *Happy Albatross* and *Happy Avocet*.
The ships were built between 2008 and 2017 and had an average age of about 13 years when Navigator announced a non-binding letter of intent for the disposal in April.
Navigator classified the vessels as non-core tonnage as it shifts investment towards handysize and midsize ethylene-capable gas carriers. At 31 March, the combined book value of the eight ships and the Unigas stake was about $117m. Related outstanding loan facilities totalled approximately $54m.
The sale remains subject to customary closing conditions and vessel deliveries, with completion expected by the fourth quarter of 2026. Navigator said the proceeds would be used for general corporate purposes. The disposal will cut its fleet from 54 to 46 liquefied gas carriers. The number of vessels capable of carrying ethylene and ethane will fall from 24 to 16. Navigator will fully withdraw from the Unigas Pool once the transaction closes.