London-based Navigator Holdings has doubled its ethylene carrier newbuilding order in China.
The New York-listed owner said it has declared options for two more 48,500-cbm ships at Jiangnan Shipyard.
Ships number three and four in the series will be built at the same cost as the first two contracted in August.
They will be able to carry a wide variety of gas products, from petrochemicals such as ethylene and ethane to LPG and clean ammonia.
Delivery is expected in November 2027 and January 2028.
Navigator said in August the two firm ships cost just over $205m combined.
The mid-size liquefied ethylene vessels will be ethane duel-fuelled.
They were ordered without charters attached.
The owner intends to fix them before delivery, however.
Navigator describes itself as the owner and operator of the world’s largest fleet of handy size liquefied gas carriers.
Profit fell in third quarter
Its fleet comprises 56 semi or fully refrigerated ships, 25 of which are ethylene and ethane-capable.
The company also owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas, on the Houston Ship Channel in the US
Navigator reported $18.2m in net income attributable to shareholders in the third quarter, a decline from $19.1m a year earlier.
The owner said its fleet utilisation rate dipped to 90.9% in the latest reporting period, down from 93.4% in the previous quarter and the third quarter of 2023.
