Marubeni and Navigator Gas: World's First Carbon Neutral Ethylene Voyage

LONDON, July 7, 2021 /PRNewswire/ -- Marubeni Corporation ("Marubeni") and Navigator Holdings Ltd. ("Navigator Gas"), the owner and operator of the world's largest fleet of handysize liquefied gas carriers, today announce that they will achieve an environmental milestone with the world's first carbon neutral ethylene voyage.

Marubeni and Navigator Gas will ensure this voyage is carbon neutral through offsetting the CO₂ emissions[1] from the voyage by investing in an environmental project in Cambodia designed to reduce emissions from deforestation and forest degradation.

This carbon neutral ethylene voyage will be performed by the NAVIGATOR TRITON, a 21,020 cbm ethylene gas carrier, which departed from Morgan's Point, Houston, Texas, U.S. on July 6^th, 2021 and is set to transport its cargo across the Atlantic to Antwerp, Belgium.

Marubeni maintains one of the largest ethylene trading volumes in the world by providing physical adjustment function. Due to the increasing customer requirements for low carbon and carbon neutral solutions, Marubeni intends to further develop this service for its customers.

"Carbon reduction is a key strategic objective for Navigator Gas as we seek to deliver our mission of connecting the world today whilst creating a sustainable tomorrow," said Oeyvind Lindeman, Chief Commercial Officer at Navigator Gas. "We are proud to partner with Marubeni and look forward to enabling further carbon neutral voyages, a first in the ethylene shipping industry, and continue to promote and develop with the energy transition for our business and stakeholders.

"We are happy to achieve the first ever carbon neutral ethylene voyage together with Navigator Gas. We wish to take on the challenge of finding further areas for carbon reduction to meet new customer needs and expectations" said Satoru Ichinokawa, Executive Officer, Marubeni Corporation.

About Marubeni Corporation

Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business activities across wide-ranging fields including lifestyle, ICT & real estate business, forest products, food, agri business, chemicals, energy, metals & mineral resources, power business, infrastructure project, aerospace & ship, finance & leasing business, construction, industrial machinery & mobility, and next generation business development. Additionally, the Marubeni Group offers a variety of services, makes internal and external investments, and is involved in resource development throughout all of the above industries.

About Navigator Holdings Ltd. (NYSE: NVGS)

Navigator Holdings Ltd. is the owner and operator of the world's largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, including ethylene, ethane, liquefied petroleum gas and ammonia. Navigator Gas owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan's Point, Texas, on the Houston Ship Channel, U.S.A. Our fleet consists of 38 semi- or fully-refrigerated liquefied gas carriers, 14 of which are ethylene and ethane capable. Navigator Gas plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable 'floating pipeline' between the parties, connecting the world today, creating a sustainable tomorrow. Find out more at https://www.navigatorgas.com.

Reference:
Press Release Dated March 9, 2021
The Marubeni Long-Term Vision on Climate Change: Towards Net-Zero GHG Emissions
https://www.marubeni.com/en/news/2021/release/00022.html

For further information
Marubeni
Media Relations Section, Corporate Communications Department
Takeru Nonaka, Nonaka-Takeru@marubeni.com, +81 3 3282 7322

Navigator Gas
Investor Relations Department – investorrelations@navigatorgas.com 
Oeyvind Lindeman, Chief Commercial Officer, +44 20 7340 4850
Alex Walster, Risk, Compliance and CSR Manager, +44 20 7045 4114

[1] CO₂ emissions are calculated using IMO-approved conversion factors based on fuel consumption data for the NAVIGATOR TRITON, provided by Navigator Gas.

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SOURCE Navigator Gas