NVGS - Navigator Holdings enters JV pact with Greater Bay Gas Company

• Navigator Holdings ( NYSE: NVGS ) enters a joint venture pact with Greater Bay Gas.
• The JV owned 60% by Navigator and 40% by Greater Bay Gas, intends to acquire, over the next fifteen months, a total of five ethylene vessels, made up of two 17,000 cbm, 2018-built and three 22,000 cbm, 2019-built ethylene vessels.
• The vessels are currently commercially managed by the Luna Pool collaborative arrangement, which was formed in March 2020 by Navigator, Greater Bay Gas Co. Ltd. ( HK ) and Pacific Gas Pte. Ltd. (Singapore).
• The aggregate purchase price the JV expects to pay to acquire the vessels is ~$233M.
• The JV intends to finance the majority of the purchase price through commercial bank finance, with the remainder sourced from capital contributions from Navigator and Greater Bay Gas.
• Navigator expects to finance its share of the capital contributions from available cash resources.
• Upon purchase, each of the vessels will continue to be commercially managed by the Luna Pool, benefiting from the experienced team formed in 2020.
• The technical manager of the vessels will remain Pacific Gas Pte. Ltd. (Singapore).

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