Navigator Holdings (NYSE:NVGS), the world’s largest owner and operator of handysize liquefied gas carriers, announced on Wednesday, April 15, 2026, that it has signed a non-binding letter of intent (LOI) to sell eight vessels and its entire stake in the Unigas joint venture.
The aggregate purchase price for the transaction is approximately $183 million.
The proposed sale involves eight gas carriers with an average age of 13 years, which the company has categorized as non-core tonnage.
The buyers are identified as Bernhard Schulte (Singapore) Holdings and Sloman Neptun Schiffahrts-Aktiengesellschaft, both of whom are existing partners in the Unigas Pool.
Upon the deal’s completion, Navigator Gas will fully exit the Unigas joint venture, while the remaining partners will continue its commercial operations.
The vessels included in the transaction are the Happy Pelican, Happy Penguin, Happy Condor, Happy Osprey, Happy Kestrel, Happy Peregrine, Happy Albatross, and Happy Avocet.
Navigator noted that the sale price is approximately in line with the net asset value of the vessels.
Navigator intends to use the $183 million in proceeds for general corporate purposes and to support its broader fleet renewal program.
This divestiture follows the company's recent sale of the Navigator Saturn and Happy Falcon in early 2026, which generated combined net gains of roughly $12 million.
The strategy is designed to lower the average age of the fleet while maintaining a robust balance sheet for future newbuild investments.
The transaction is subject to the execution of definitive agreements, board approvals from all parties, and customary closing conditions.
Navigator Gas and the buyers anticipate finalizing the deal by the fourth quarter of 2026.