Navigator Gas and Evergas: Gas Carrier Leaders and CO2 JV Partners
Navigator Gas (Navigator Holdings Ltd.) and Evergas are the two gas carrier operators most closely associated with the handysize and ethylene shipping sector — and the two companies behind the Dan-Unity CO2 joint venture, one of the most advanced CO2 carrier development programmes in European shipping.
Both names remain actively searched despite corporate evolution at each company. Navigator Gas trades on the NYSE; Evergas has operated under successive ownership structures from its Copenhagen base. This profile covers both operators and the JV connecting them.
Navigator Gas: NYSE-Listed Handysize Fleet Leader
Navigator Gas operates the world’s largest fleet of handysize liquefied gas carriers, transporting ethylene, ethane, LPG, ammonia, and petrochemical gases across global trade lanes. The company is headquartered in London and listed on the New York Stock Exchange under the ticker NVGS.
The fleet expanded significantly through the merger with Ultragas ApS, the Chilean gas carrier operator, which added tonnage and South American route coverage to Navigator’s network. That transaction repositioned Navigator as the dominant independent operator in the sub-20,000 cbm segment.
Beyond fleet operations, Navigator holds a 50% stake in the Morgan’s Point Ethylene Export Terminal on the Houston Ship Channel in Texas — giving the company a direct position in US ethylene export infrastructure as Gulf Coast petrochemical volumes continue to grow.
| Field | Detail |
|---|---|
| Full name | Navigator Holdings Ltd. |
| Ticker | NYSE: NVGS |
| HQ | London, UK |
| Fleet focus | Handysize liquefied gas carriers |
| Terminal stake | 50% — Morgan’s Point Ethylene Export Terminal, Texas |
| Key M&A | Merger with Ultragas ApS |
| CO2 JV | Dan-Unity CO2 (with Evergas) |
Evergas: Danish Petrochemical and LNG Carrier Operator
Evergas A/S is a Copenhagen-based shipping company focused on the transport of petrochemical gases, ethane, and LNG. The company built its reputation on multi-gas carriers capable of burning LNG and ethane as fuel — a design approach that placed Evergas ahead of most operators on emissions performance before decarbonisation became an industry-wide pressure.
Evergas has historically operated under private and corporate ownership, contrasting with Navigator’s public market structure. Its fleet of ethane-capable carriers trades primarily in the North Atlantic and European shortsea lanes, complementing Navigator’s broader global network.
| Field | Detail |
|---|---|
| Full name | Evergas A/S |
| HQ | Copenhagen, Denmark |
| Fleet focus | Petrochemical gases, ethane, LNG carriers |
| Propulsion | LNG- and ethane-capable multi-gas vessels |
| Ownership | Private / corporate held |
| CO2 JV | Dan-Unity CO2 (with Navigator Gas) |
Dan-Unity CO2: The Joint Venture Connecting Navigator Gas and Evergas
The most significant structural link between the two companies is the Dan-Unity CO2 joint venture, established to develop and operate specialised carriers for large-scale liquefied CO2 transport. The JV targets the emerging carbon capture, utilisation and storage (CCUS) shipping market in Northern Europe, where several offshore storage projects require marine CO2 logistics.
Dan-Unity CO2 has secured Approvals in Principle (AIP) for its CO2 carrier designs, working with classification societies to validate novel containment and handling systems for high-volume liquid CO2 cargoes. The vessel design work addresses the engineering challenges that distinguish CO2 carriers from conventional gas tankers — including intermediate pressure containment and cargo conditioning systems.
The JV has also established partnerships with Aker Carbon Capture and Carbfix, two of the leading CCUS infrastructure developers in Northern Europe. Carbfix, which operates Iceland’s underground CO2 mineralisation storage site, represents a complete chain — capture, marine transport, and permanent geological storage — that Dan-Unity CO2 is positioned to service.
For operators and terminal developers following CCS infrastructure buildout, the Navigator Gas and Evergas JV is one of the more technically advanced maritime components of the Northern European CCUS supply chain. See our Top 10 CCS Projects 2026 for the full infrastructure pipeline context.
Navigator Gas and Evergas in the Context of the Gas Carrier Market
The handysize and midsize gas carrier segment sits between the large VLGC operators serving LPG bulk trade and the small pressurised tankers handling domestic distribution. Navigator Gas and Evergas occupy the middle ground — technically complex vessels, specialised cargoes, and customer bases concentrated in petrochemicals, fertilisers, and increasingly, low-carbon gas streams.
Ammonia is the cargo class drawing most new interest in 2026. Both ethylene carriers and LPG-capable vessels are candidates for ammonia trade as the low-carbon energy market develops, and fleet operators with modern multi-gas tonnage are best placed to compete for those contracts. The Dan-Unity CO2 JV extends this logic to CO2 — another cargo that will require specialised marine logistics at scale.
For a broader view of the competitive fleet landscape, see our Top 10 Chemical Tanker Operators 2026 and the Petredec VLGC profile covering the large gas carrier segment.
What is Navigator Gas?
Navigator Gas (Navigator Holdings Ltd.) is a London-headquartered, NYSE-listed shipping company operating the world’s largest fleet of handysize liquefied gas carriers. It transports ethylene, LPG, ethane, and petrochemical gases, and holds a 50% stake in the Morgan’s Point Ethylene Export Terminal in Texas.
What is Evergas?
Evergas A/S is a Copenhagen-based gas carrier operator focused on petrochemical gases, ethane, and LNG transport. The company is known for pioneering multi-gas vessels capable of running on LNG and ethane as fuel, giving it an early advantage on vessel emissions performance.
What is the Dan-Unity CO2 joint venture?
Dan-Unity CO2 is a joint venture between Navigator Gas and Evergas to develop specialised carriers for transporting liquefied CO2 at scale. The JV targets the Northern European CCUS market and has secured Approvals in Principle for its carrier designs. Partners include Aker Carbon Capture and Carbfix.
Did Navigator Gas merge with Ultragas?
Yes. Navigator Gas merged with Ultragas ApS, a Chilean gas carrier operator, significantly expanding its fleet and adding South American route coverage. The transaction reinforced Navigator’s position as the leading independent operator in the sub-20,000 cbm handysize segment.
Are Navigator Gas and Evergas the same company?
No. Navigator Gas (Navigator Holdings) and Evergas A/S are separate companies with distinct ownership structures, fleets, and headquarters. They are connected through the Dan-Unity CO2 joint venture, which is developing CO2 carriers for the European carbon transport market.