NVGS - Navigator plans boost up to 2M tons/yr ethylene export capacity at JV project

2023-03-09 10:04:30 ET

Navigator Holdings ( NYSE: NVGS ) said Thursday it plans to invest $120M-$130M in its existing ethylene export terminal joint venture at Morgan's Point near Houston with Enterprise Products Partners ( EPD ) through the end of 2024.

Navigator ( NVGS ) said the expansion project will increase ethylene export capacity by at least 550K tons/year and up to 2M tons/year, as well as triple instantaneous ethylene refrigeration capacity at Morgan's Point to 375 tons/hour from the current 125 tons/hour, providing increased flexibility for customers and the potential to add additional capacity based on demand.

The company sees potential total ethylene export capacity at Morgan's Point exceeding 3M tons/year by the end of 2024.

Seeking Alpha contributor J Mintzmyer said Navigator Holdings' ( NVGS ) "fair value estimate" is $16/share, which could climb to $20 if further projects are confirmed .

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