Navigator Holdings Ltd. Stock Up 24% on Deal With Enterprise Products: Here's What's Happening
Shares of Navigator Holdings Ltd. (NYSE: NVGS), a seaborne transporter of gas and liquid petrochemicals, are up 24.1% at 12:50 p.m. EDT on July 13. This follows the announcement late on July 12 that the company was partnering with energy giant Enterprise Products Partners (NYSE: EPD), which specializes in midstream services and energy infrastructure, on the development of an ethylene export terminal at Enterprise's Morgan's Point facility on the Houston Ship Channel.
The terminal, which will be developed through a 50-50 joint venture, would service the ethylene storage and pipeline system with 600 million pounds of capacity that Enterprise is currently building at the Morgan's Point facility. This facility will be connected to Enterprise's vast ethylene pipeline system, which is connected to numerous major ethylene producers and consumers on the U.S. Gulf Coast.
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Source: Fool.com