Navigator Holdings Ltd. (NYSE: NVGS) has secured $205.8 million in financing for two newbuild liquefied gas carriers currently under construction in China, the company announced June 18, 2026.

The vessels are being built by Jiangnan Shipyard (Group) Co. Ltd. and China Shipbuilding Trading Co. Ltd. under shipbuilding contracts signed in 2024, with delivery expected in 2027.

To cover construction-stage costs, Navigator Gas subsidiary Navigator Gas L.L.C. has entered into a secured pre-delivery term loan of up to $164.6 million with BNP Paribas, acting through its Tokyo Branch. The loan will finance up to 80% of pre-delivery installment payments to the shipyard.

Upon delivery, that facility will transition into a $205.8 million long-term Japanese Operating Lease with Call Option, known as a JOLCO. This marks Navigator Gas's first use of the JOLCO structure. Under its terms, the vessels will be sold to special purpose companies and immediately bareboat chartered back to Navigator Gas subsidiaries Navigator Polaris L.L.C. and Navigator Proxima L.L.C. The company retains full operational and technical responsibility, with purchase options available up to 8.5 years after each vessel's delivery.

Chief Financial Officer Gary Chapman said the financing "marks the completion of funding for four of our six newbuild vessels on order, with financing for the remaining two vessels progressing well."

Navigator Gas operates a fleet of 54 semi- or fully-refrigerated liquefied gas carriers and holds a 50% stake in an ethylene export marine terminal at Morgan's Point, Texas.