Navigator sets course for UK domicile

New York-listed gas carrier owner Navigator Gas is moving to shift its corporate domicile from the Marshall Islands to Britain, putting the proposed restructuring to shareholders next month.

The London-headquartered company said it had entered into a merger agreement with its wholly owned British subsidiary, Navigator Gas plc, which would become the group’s new listed parent company.

Under the proposed transaction, Navigator Holdings shareholders would receive one share in Navigator Gas plc for every existing share held, with the new parent retaining the group’s New York Stock Exchange listing.

Shareholders will vote on the move on November 16. Approval requires a majority of outstanding voting shares, and completion remains subject to other customary conditions.

The restructuring would bring the company’s legal domicile into line with its existing London-based management and operations.

Navigator pointed to Britain’s tax treaty network, corporate governance framework and established shipping tonnage tax regime among the reasons for the move.

Chief executive Mads Peter Zacho said the change would align the group’s corporate structure more closely with its operational base and provide a platform for further investments.

Navigator operates 48 semi- or fully refrigerated gas carriers, including 18 capable of transporting ethylene and ethane. It also holds a 50% stake in an ethylene export terminal at Morgan’s Point, Texas.

The proposed move follows a broader reshaping of the company’s operations. Earlier this year, Navigator agreed to sell eight smaller gas carriers and its stake in the Unigas joint venture to an investor group involving Bernhard Schulte and Sloman Neptun.

The transaction was valued at approximately $183m and formed part of the company’s move to concentrate on higher-specification gas tonnage.

Navigator said the proposed change of domicile is not expected to materially affect employees, vessel operations or customer services.

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