Navigator and Amon Maritime partner to build two ammonia-fuelled carriers, advancing clean energy shipping with government support and long-term charters.
Navigator Holdings Ltd., the operator of the world’s largest fleet of handysize liquefied gas carriers, has announced the formation of a strategic joint venture with Norwegian company Amon Maritime. The agreement, finalized on July 14, 2025, marks a significant step toward accelerating low-emission maritime transportation. As per the terms of the joint venture, a new company named Navigator Amon Shipping AS, based in Norway, will be established. Navigator will hold an approximate 80% ownership stake, while Amon Maritime will retain the remaining 20%, subject to customary investment terms and approvals.
This partnership aims to develop and construct two advanced ammonia-fuelled liquefied ammonia carriers, each with a capacity of 51,530 cubic meters. These vessels will also have the dual capability to transport liquefied petroleum gas (LPG), enhancing their commercial versatility. The construction contracts for the two ships have been awarded to Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd., a prominent Chinese shipbuilder. Delivery is scheduled for June and October 2028, with each vessel priced at approximately $84 million.
In a significant boost to the project, each vessel has received a grant of NOK 90 million (around $9 million) from Enova, a Norwegian government agency dedicated to supporting environmentally friendly energy projects. The total construction cost is expected to be financed primarily through commercial bank loans, with the balance covered by equity investments from both Navigator and Amon Maritime. Navigator plans to fund its contribution using existing cash reserves, and the company anticipates that this investment will positively impact its future earnings.
Following delivery, the vessels will enter long-term time charter agreements with a leading industry partner. These charters are set for five years, providing stable revenue for the joint venture from the outset. The vessels will incorporate cutting-edge technologies that meet current and forthcoming environmental regulations, further aligning with global decarbonization goals.
Mads Peter Zacho, CEO of Navigator Holdings, emphasized the strategic value of the initiative, stating: “The addition of these new, environmentally friendly ammonia carriers to our fleet supports our long-term vision of playing a key role in the transition to clean energy. These vessels, designed to operate on clean ammonia fuel and backed by long-term contracts, will help meet the rising demand for sustainable shipping solutions in a net-zero economy. They will deliver lasting value to both customers and shareholders.”
André Risholm, CEO of Amon Maritime, echoed these sentiments, saying: “Our company was established to lead the maritime industry’s shift to ammonia as a clean fuel. Partnering with Navigator Gas, an experienced and forward-thinking player, enables us to bring this vision to life. This project represents a major milestone in our ongoing collaboration, and we are proud to jointly deliver next-generation ammonia-fuelled transportation solutions.”
The joint venture not only expands the operational capabilities of both companies but also reinforces their commitment to sustainable innovation in maritime logistics.
