Navigator announced it exercised its option to build three additional 35,000 cubic meter ethylene/ethane capable semi-refrigerated liquefied gas carriers in addition to one such vessel that's already under construction. The new vessels will be built at the Jiangnan Shipyard in China for $78.4 million each.
The vessels are designed in anticipation of ethane becoming available as a result of U.S. shale gas production, and "the desire by international petrochemical companies to diversify their feedstock supplies with low cost U.S. ethane."
Navigator has 13 other vessels in its newbuilding program, with four scheduled for delivery in 2014, four in 2015, and five in 2016.Must read: Warren Buffett's 10 Favorite Growth Stocks SELL NOW: If you own any of the 900 stocks that TheStreet Quant Ratings has identified as a 'Sell'...you could potentially lose EVERYTHING in the next 6-12 months. Learn more. STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.
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