Navigator Gas has closed $121.8m in financing for two ammonia-fuelled gas carrier newbuilds developed with Norway's Amon Maritime, completing the funding requirements for its six-vessel newbuilding programme, according to Splash247. The two ships are already contracted to Yara Clean Ammonia under five-year time charters, locking in commercial coverage ahead of their scheduled 2028 deliveries.
The financing covers up to around 70% of the pair's combined $168m contract price, Splash247 reported. Each 51,530 cu m vessel is priced at about $84m and is under construction at Nantong CIMC Sinopacific Offshore & Engineering in China. The ships will be able to carry both ammonia and LPG while using ammonia as fuel, with deliveries scheduled for June and October 2028.
Deal structure and ownership
The newbuilds are being developed through Navigator Amon Shipping, a joint venture in which New York-listed Navigator Gas holds an 80% stake and Amon Maritime controls the remaining 20%, according to Splash247. Each project has additionally secured a NOK90m ($9m) grant from Enova, the Norwegian state funding agency.
Financing and programme status
Financing closes the remaining gap in Navigator's six-ship newbuilding programme, according to Splash247.
The financing covers up to around 70% of the combined $168m contract price, with each vessel priced at about $84m. The Enova grants add NOK90m ($9m) per ship to the project funding stack. With this transaction, Navigator has now closed financing across all six vessels in its newbuilding programme, after completing funding for four ships in June, according to the Splash247 report.
Charter coverage and commercial impact
Yara Clean Ammonia has taken both ships on five-year time charters from delivery, Splash247 reported. The contracts will add the newbuilds to Yara's existing ammonia shipping network, which includes a fleet of some 15 carriers and access to 18 terminals. The vessels' ammonia-fuelled propulsion and their ability to carry both ammonia and LPG are the key technical features noted in the report.
Key figures at a glance
| Metric | Value |
|---|---|
| Financing amount | $121.8m |
| Combined contract price | $168m |
| Financing share | ~70% |
| Vessel price each | ~$84m |
| Cargo capacity each | 51,530 cu m |
| Builder | Nantong CIMC Sinopacific Offshore & Engineering, China |
| Delivery dates | June 2028 and October 2028 |
| Grant per vessel | NOK90m (~$9m) from Enova |
| Charterer | Yara Clean Ammonia (five-year time charters) |
| Navigator Gas stake | 80% in Navigator Amon Shipping |
| Amon Maritime stake | 20% |
Implications for operators
The five-year time charters with Yara Clean Ammonia provide multi-year visibility for ammonia logistics planners, with both vessels entering a dedicated network that already includes some 15 carriers and access to 18 terminals, according to Splash247. For port authorities and terminal operators handling ammonia or LPG, the 2028 delivery schedule introduces two additional 51,530 cu m units with dual-cargo capability, which will need to be factored into berth, storage, and bunkering plans. The ammonia-fuelled design also aligns with the broader maritime energy transition, though the report does not detail specific environmental performance figures.
Watch list
Construction progress at Nantong CIMC Sinopacific Offshore & Engineering will determine whether the June and October 2028 delivery dates hold, with both ships set to enter Yara Clean Ammonia's network upon delivery, according to Splash247. Also worth tracking is the execution of the remaining vessels in Navigator's six-ship newbuilding programme, now that financing has closed across the fleet. The Enova grants and the 80/20 joint-venture ownership structure remain fixed parameters as construction continues in China.
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