CHUNYIP WONG/E+ via Getty Images
Browser shares (New York Stock Exchange: NVGS) said on Thursday that it plans to invest $120M-$130M in its existing ethylene export terminal joint venture at Morgan’s Point near Houston with Enterprise Products Partners (EPD) through the end of 2024.
Browser (NVGS) said the expansion project will increase ethylene export capacity by at least 550,000 tons/year and up to 2 million tons/year, as well as triple ethylene flash refrigeration capacity at Morgan’s Point to 375 tons/hour from the current 125 tons/hour, providing greater flexibility for customers and the possibility of adding additional capacity based on demand.
The company anticipates that the total potential ethylene export capacity at Morgan’s Point will exceed 3 million tonnes/year by the end of 2024.
Seeking Alpha contributor J Mintzmyer said the “fair value estimate” for Navigator Holdings (NVGS) is $16 a share, which could rise to $20 if more projects are confirmed.