Navigator Holdings and Amon Maritime Form Joint Venture for Ammonia-Fuelled Carrier Fleet

Navigator Holdings Ltd., a leading owner and operator of handysize liquefied gas carriers, has entered into a joint venture with Norway-based Amon Maritime to build and operate two ammonia-fuelled gas carriers. The initiative marks a significant step in both companies’ commitment to low-emission shipping and sustainable maritime transport.

Under the terms of the agreement, Navigator will hold an 80 percent stake in the newly established joint venture company, Navigator Amon Shipping AS, while Amon Maritime will retain the remaining 20 percent. The joint venture aims to construct two new vessels, each with a cargo capacity of 51,530 cubic meters. The ships will be powered by ammonia and will also be capable of transporting liquefied petroleum gas (LPG).

The vessels are being built by Nantong CIMC Sinopacific Offshore and Engineering Co., Ltd., with delivery scheduled for June and October 2028. Each vessel is priced at an average of 84 million US dollars. The project has also secured support from the Norwegian government agency Enova, which has awarded investment grants of approximately 9 million US dollars (NOK 90 million) for each vessel.

Financing for the vessels is expected to be secured primarily through commercial bank loans, supplemented by capital contributions from both Navigator and Amon Maritime. Navigator has indicated that its contribution will be funded from existing cash reserves. The company anticipates the investment will contribute positively to future earnings.

Upon delivery, both vessels are set to commence operations under five-year time charters with a leading global industrial client. The agreements are subject to customary closing conditions.

Navigator CEO Mads Peter Zacho described the newbuilds as a strategic move toward decarbonizing maritime logistics. “Adding two ammonia-fuelled vessels to our fleet allows us to meet the growing demand for sustainable fuels. These ships are equipped with next-generation technology that aligns with current and future environmental regulations, delivering long-term value to our stakeholders,” he said. Amon Maritime CEO André Risholm welcomed the development, emphasizing his company’s founding mission to lead the transition to ammonia-fuelled shipping. “Partnering with Navigator Gas is a milestone in our journey to offer clean ammonia-powered transportation. These vessels represent a major step in scaling up green shipping solutions for industry leaders,” he noted.