Navigator Holdings Ltd. (NYSE: NVGS) is a publicly traded liquefied gas shipping company with a global market, that was initially incorporated in the Isle of Man in 1997, before being redomiciled in 2008 in the Marshall Islands.
They provided regular transoceanic service with a shipping fleet of sophisticated large vessels capable of carrying different types and sizes of cargoes, such as liquefied petroleum gas and petrochemical gas, including ethylene to ports in North and South America, Asia, the Middle East, and Europe.
Following a slump in the gas shipping transport market in the late 1990s and early 2000s, delays in the delivery of the vessels, and other factors, NGT was forced into a restructuring which was completed in 2006.
[8] In 1997, Giovanni Mahler of Lugano, Switzerland, and Shaun Fergusson Cairns of the Isle of Man and 2 other investors,[9] formed Navigator Gas Transport PLC as an Isle of Man public limited company[10] to "construct and operate five 22,000 cubic meter semi-refrigerated gas carriers".
This will allow the company to provide regular service to ports in Asia, the Middle East, Europe and the Americas.
The large size, segregated tanks, and on board purging and cleaning systems make the ships some of the most sophisticated in the world and will allow them great flexibility in carrying multiple types and sizes of cargoes, in calling at a wide variety of ports, and in providing faster turnaround times in port.
The delivery dates for the five vessels which were being constructed in Jiangnan, were delayed and were therefore subject to penalties imposed by the Chinese Export-Import Bank and Generale de Banque S.A..
[14] By March 2002, as the "market for the transportation of petrochemical gases and derivative products" continued to weaken, Moody's again downgraded NGT's first notes to a rating of Ca.
"[15] In 2002 Moody's described NGT as "an Isle of Man public limited company operating out of Lugano, Switzerland and New York City.
[16] From March 2004 until December 2006, Cambridge and "its controlling shareholders, led by Mahler" attempted to obstruct the creditors restructuring plan.
[13] On May 16, 2016, in the leading case of Cambridge Gas Transport Corp v Official Committee of Unsecured Creditors (of Navigator Holdings Plc and Others), Cambridge/Navigator lawyers successfully cited Borland v Steel (1901) UK company law with approval.
[9][16] As a consequence of its success on appeal, the Committee stayed its winding up proceedings in the Isle of Man, and the U.S. Plan finally became effective on August 9, 2006.
[16] On November 10, 2014, the Privy Council declared Cambridge v creditors as an "unsafe authority for the concept of judicial assistance in international liquidations.
[23] Navigator's biggest shareholders are BW Group Limited of Bermuda, and Ultranav International ApS of Denmark, which each own approximately 29% of Navigator Holdings Ltd. Former shareholders have included the private equity firm, WL Ross & Co which is owned by Wilbur Ross,[24] the U. S. Secretary of Commerce.
On July 17, 2017, Harold L (Hal) Malone, who is the Head of Transportation at the private equity firm WL Ross & Co was named as the WLR Group's designated representative.
By January 2016, WL Ross & Co was the "biggest investor" in "Navigator Holdings, a liquefied gas shipping company.
"[24] According to Bloomberg Businessweek, at an event hosting by Navigator in New York on November 30, 2016, Ross assured Butters that "Your interest is aligned to mine.
"[26][24] The biggest shareholders who own 31% stake in Navigator, are "partnerships used by WL Ross & Co.", a "chain" of offshore companies in the Cayman Islands.
"[26] "Navigator, which increased its business dealings with Sibur even as the West sought to punish Russia’s energy sector over Mr. Putin’s incursions into Ukraine.
"[26] PDVSA, the Venezuelan state oil company, which is controlled by Nicolás Maduro is also a major client of Navigator.
[26][30] On November 5, 2017 the International Consortium of Investigative Journalists (ICIJ) released the Paradise Papers, a transnational, collaborative investigation by 95 media partners based on 13.4 million leaked files[31] related to the Bermuda-based offshore specialist Appleby, "one of the world’s largest offshore law firms".
[26][32] The Cayman Islands is a British territory that "levies no corporate or personal income tax on money earned outside its jurisdiction.
"[33] "Navigator did not come up at Ross' confirmation hearing in January, but he was asked about his decision to retain an interest in Diamond S Shipping, which operates 33 petroleum product tankers.
The agreement allowed "U.S. companies to ship liquefied natural gas to China" [34] At the White House Commerce Secretary Wilbur Ross told reporters, that his was a "herculean accomplishment...This is more than has been done in the whole history of U.S.-China relations on trade.
"[34] According to the Commerce department by mid-May, the DOJ" had "already authorized the shipment of 19.2 billion cubic feet per day of natural gas exports to China and other interested countries.