New York-listed Navigator Holdings has completed the final acquisition of three handysize ethylene carriers set to complement the recently expanded export terminal at Morgan’s Point in Texas.
The company owns the Morgan’s Point ethylene export terminal in a 50-50 joint venture with Enterprise Products Partners.
The operation was expanded in late December, with export capacity expected to increase by at least 550,000 tonnes to 1.55m tonnes per year starting in 2025, and potentially up to a total of 3.2m tons per year in the coming years.
The world’s top player in the handysize LPG carrier segment bought a German-built 17,000 cu m trio from an unnamed seller for $83.9m in January. According to S&P databases, the three ships are the 2009-built Gaschem Pacific and the 2010-built Gaschem Adriatic and Gaschem Antarctic.
The Gaschem Adriatic, now renamed Navigator Hyperion, was delivered on February 19. The remaining two vessels, now renamed Navigator Titan and Navigator Vesta, were delivered on February 24 and March 17 respectively.
Of the three, only the Navigator Hyperion is currently on charter, while the other two are expected to soon be operating in the spot market.
