Loan & DebtJun 18, 2026, 08:26 AM
Navigator Gas Secures $205.8M JOLCO for Two Newbuild Gas Carriers
AI Summary
Navigator Holdings Ltd. announced that its subsidiaries have secured financing for the construction and delivery of two newbuild gas carriers. The financing includes a pre-delivery term loan of up to $164.64 million, which will be refinanced by a $205.8 million long-term Japanese Operating Lease with Call Option (JOLCO) upon vessel delivery. This marks Navigator Gas's first use of a JOLCO structure, covering the full purchase price of the vessels expected in 2027. CFO Gary Chapman highlighted this as a step in evolving the company's funding strategy and noted that funding for four of six newbuild vessels is now complete.
Key Highlights
- Navigator Gas secured financing for two newbuild gas carriers under construction in China.
- A secured pre-delivery term loan (Bridge Facility) of up to $164,640,000 was entered into with BNP PARIBAS.
- The Bridge Facility will finance up to 80% of pre-delivery installments to the Shipyard.
- The Bridge Facility will be refinanced by a $205,800,000 long-term Japanese Operating Lease with Call Option (JOLCO).
- This marks Navigator Gas's first JOLCO financing, covering the full purchase price of the vessels.
- Delivery of the vessels is expected in 2027.
- The financing completes funding for four of the Company's six newbuild vessels on order.
- Navigator Gas retains full operational responsibility and benefits from purchase options up to 8.5 years.
Price Impact
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