The 60/40 joint venture between handysize gas carrier owner and operator Navigator and Chinese gas product logistics outfit Greater Bay Gas was announced in September 2022 and plans to buy all five of Greater Bay Gas’ gas carrier vessels for a total of $233m.
The latest acquisition, a 2018-bult, 17,000 cu m liquefied ethylene gas carrier was delivered on January 16 2023 and renamed Navigator Solar. The vessel joins initial acquisition Navigator Luna, a vessel with the same design from the same series which the JV purchased in December 2022.
The remaining vessels destined for the JV are a series of three 22,000 cu m, 2019-built ethylene carriers.
Speaking at the time of the first vessel acquisition, Steven Xiao, Director of Greater Bay Gas, said: “By agreeing this joint venture with Navigator, we have widened our business opportunities and our exposure to the liquefied gas transportation industry at a time when demand for shipping is only increasing. We look forward to 2023 with great anticipation.”
All five vessels will remain commercially managed under the Luna Pool collaboration arrangement with technical management by Singapore’s Pacific Gas.
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