Amon Maritime, through its joint venture Navigator Amon Shipping AS with Navigator Gas, has secured a $121.8 million senior secured financing facility with a syndicate of international banks. The loan will fund up to 70% of the delivery costs for two groundbreaking 51,350 cbm ammonia-fuelled liquefied gas carriers currently being built in China. Scheduled for delivery in 2028, these dual-fuel vessels mark a major milestone in pioneering zero-emission ammonia propulsion and advancing sustainable global maritime trade.
Oslo, Norway | August 4, 2026 – In a major milestone for maritime decarbonisation, Amon Maritime has announced that subsidiaries of Navigator Amon Shipping AS, its joint venture with Navigator Holdings Ltd. (Navigator Gas), have officially entered into a $121.8 million senior secured credit facility.
Executed on July 31, 2026, the financing agreement paves the way for the delivery of two pioneering, dual-fuel 51,350 cubic metre capacity ammonia-fuelled liquefied gas carriers.
Comprehensive Financing Structure
The senior secured post-delivery term loan facility has been secured through a syndicate of leading international financial institutions comprising ING Bank N.V., London Branch, Société Générale, and Oversea-Chinese Banking Corporation Limited.
Key financial parameters of the agreement include:
- Facility Amount: Up to $121,800,000, covering up to 70% of the construction costs for the two newbuild vessels at delivery.
- Shipyard & Timeline: Currently under construction at Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. in China (contracted in July 2025), with scheduled deliveries slated for May 2028 and September 2028.
- Equity & Pre-Delivery Funding: All pre-delivery installments and remaining delivery costs will be funded via the cash resources of the Borrowers, backed directly by the shareholders of Navigator Amon Shipping AS.
- Loan Terms: A six-year post-delivery tenor, secured by mortgages over the newbuild vessels. Outstanding amounts will bear interest at SOFR plus 1.35%, payable quarterly.
- Guarantees: Obligations are fully backed by corporate guarantees from Navigator Holdings and Navigator Amon Shipping AS, alongside standard commercial covenants and conditions.
Pioneering Zero-Emission Ammonia Shipping
The dual-fuel vessels represent a significant leap forward in the adoption of alternative, carbon-free propulsion. Designed primarily to run on clean ammonia, the 51,350 cbm ships will also retain full capability to transport liquefied petroleum gas (LPG), offering vital commercial flexibility while setting a benchmark for future-proof maritime assets.
Amon Maritime continues to spearhead the green transition in shipping by actively developing, owning, and operating ammonia-powered vessels, backed by strong partnerships across technology, commercial, and financial sectors.
About the Joint Venture Partners
Amon Maritime: Headquartered as a maritime project development company, Amon Maritime is dedicated to pioneering ammonia as a maritime fuel across newbuildings, ship management, and bunkering infrastructure. The company is privately held by its founders, key employees, and Mosvolds Rederi (the maritime investment arm of the Glastad Group), with the ultimate vision of creating the world’s first carbon-free shipping company.
Navigator Gas: A global leader in the seaborne transport of petrochemical gases and the owner of the world’s largest fleet of handysize liquefied gas carriers. Navigator Gas operates 54 semi- or fully-refrigerated vessels (including 24 ethylene and ethane-capable ships) and holds a 50% stake in an ethylene export marine terminal at Morgan’s Point, Texas, providing a crucial ‘floating pipeline’ connecting global energy and industrial markets.
Source: Amon Maritime