NVGS · Navigator Holdings Ltd.

Navigator Holdings Ltd. announced a non-binding letter of intent dated April 14, 2026, to divest eight older small gas vessels with capacities ranging from 6,800 to 12,000 m³, built between 2008 and 2017, averaging 13 years of age, along with its shareholding in the Unigas International B.V. joint venture that commercially manages these assets. The transaction with buyers Bernhard Schulte (Singapore) Holdings Pte. Ltd. and Sloman Neptun Schiffahrts-Aktiengesellschaft carries an aggregate price of approximately $183 million, with proceeds earmarked for general corporate purposes. This move aligns with the company's fleet optimization strategy, shedding non-core tonnage to concentrate on handysize and midsize ethylene-capable vessels, reducing the fleet from 55 to 47 vessels post-sale, including 16 ethylene/ethane-capable ones. Management views the deal as value accretive, pricing vessels near net asset value, which supports balance sheet optimization, shareholder value enhancement, and fleet renewal investments. CEO Mads Peter Zacho emphasized portfolio simplification and alignment with long-term strategic direction while exiting the Unigas Pool, which will persist with remaining partners. The deal remains contingent on definitive agreements, board and regulatory approvals, and customary conditions, with closure targeted for Q4 2026.