Ethane Carrier Navigator Aurora Joins Its Owner

Navigator Gas Liquefied gas shipping company Navigator Gas has taken delivery of its first midsize semi-refrigerated ethane vessel Navigator Aurora on August 2 from the Jiangnan Shipyard in Shangai, China. The tanker, which has a total cargo tank size of 35,000 cubic meters and can hold ethane loads of up to 20,000 tons, is scheduled to start its charter contract in December 2016 with Austria-based Borealis Group. Under the long-term charter agreement signed in May, the 180-meter long vessel will be used for transportation of ethane to Borealis production facilities in Stenungsund, Sweden. Navigator Aurora will operate between the Marcus Hook refinery in Pennsylvania, US, and Stenungsund. The dual-fuel vessel, which can run on both diesel fuel and liquefied natural gas (LNG), was named at the shipyard at the beginning of May 2016. Navigator operates a fleet of 32 LPG vessels, with a total capacity of 890,353 cbm. During the second quarter of 2016, the company took delivery of the 22,000 cbm newbuilding Navigator Copernico. As the handysize LPG seaborne transportation market has seen a significant weakening since the end of the first quarter of 2016, the company experienced a reduction in both vessels charter rates and vessel utilization. Navigators revenue for the second quarter of the year stood at USD 72.5 million, while its net income was USD 11.1 million for the three months ended June 30, 2016.