Navigator Holdings Ltd. (NYSE: NVGS) signed a non-binding letter of intent on April 14 to sell eight gas carriers and its shareholding in the Unigas International B.V. joint venture to Bernhard Schulte (Singapore) Holdings Pte. Ltd. and Sloman Neptun Schiffahrts-Aktiengesellschaft for approximately $183 million.

The eight vessels being sold range in capacity from 6,800 to 12,000 cubic meters and were built between 2008 and 2017. The fleet includes Happy Pelican, Happy Penguin, Happy Condor, Happy Osprey, Happy Kestrel, Happy Peregrine, Happy Albatross, and Happy Avocet.

Upon completion of the transaction, Navigator Gas will exit the Unigas Pool entirely. The pool will continue operating with the remaining partners, Sloman Neptun and Bernhard Schulte. Navigator Gas stated the proceeds will be used for general corporate purposes.

The vessels have an average age of 13 years and are described by the company as non-core tonnage. Navigator Gas said the transaction aligns with its fleet optimization strategy focused on handysize and midsize ethylene-capable vessels.

"As our business continues to develop, it is important that our fleet composition and capital allocation remain tightly aligned with our long-term strategic direction," said Chief Executive Officer Mads Peter Zacho.

The transaction requires execution of definitive documentation, board approvals from all three companies, regulatory approvals, and other customary closing conditions. The parties expect to close the transaction by the fourth quarter of 2026.

Following completion, Navigator Gas' fleet will consist of 47 semi- or fully-refrigerated liquefied gas carriers, down from the current 55 vessels. The company operates the world's largest fleet of handysize liquefied gas carriers.