As a reminder, between December and May of 2023, we repurchased 3.8 million shares at an average price of $13.12 per share for a total of $50 million. Subsequently, the Board authorized a new $25 million share repurchase program, of which we used $3 million during the third quarter. And looking ahead, we will repurchase at least $1.1 million of NVGS common shares between now and the quarter end, such that the dividend plus the share repurchases equal 25% of net income. Returning capital to shareholders is relatively new to Navigator, but something we see as a requirement for a shareholder-friendly company. Turning to Slide 23, and following up on our previous announcement regarding the expansion of our Ethylene Export Terminal under the existing 50-50 joint venture with Enterprise, over at Morgan’s Point, we agreed to a capital project to increase the export capacity from around 1 million tons per year to at least 1.55 million tons and up to 3.2 million tons by converting an existing ethane refrigeration train to also refrigerate ethylene.
The project is underway. The long lead items have been ordered and the groundwork is progressing, the irrigation and electricity prep underway, and construction is expected to occur throughout 2024 to be completed by the end of next year. The total capital contribution required from us to the joint venture for the project are expected to be around $124 million, $125 million, the majority of which will be paid in 2024. To date, we have already made 3 progress payments, totaling $27 million, and the remaining CapEx is expected to be paid from cash on hand until new financing agreements are completed in early 2024. As you can see on the bottom left chart, the terminal continues to run at or above nameplate capacity, with 3Q throughput reaching 250,000 tons.
Discussions are ongoing with current and new customers for multiyear off-day contracts, and we expect the vast majority of the additional guaranteed capacity to be contracted during the construction phase, again, throughout 2024. On Slide 24, to further reduce our net interest expense, we opportunistically purchased $9 million of the $100 million unsecured notes maturing in September of 2025 at an average price of $100.53. Assuming we call the bonds at par in March of ’25, the yield to maturity at these prices is 7.6%, well above the 5% or so we would earn for a 12- to 24-month treasury notes. Going forward, we have plenty of options for the current unsecured notes, including repaying them with cash, extending the notes or issuing new notes for less or more than the outstanding $100 million.
And this decision will be made based on the interest rate environment, potential uses of capital and other sources of capital. Now as for our most recent announcement on Slide 25, and as Mads mentioned earlier, we recently announced a new investment alongside Yara Growth Ventures to acquire a 14.5% interest in Azane Fuel Solutions, the world’s first provider of ammonia bunkering solutions. As you can see, Azane already has grant financing secured and importantly, the company has a partnership with Yara Clean Ammonia and a commercial agreement for the preorder of 15 units to be built over time. FID is likely in the first quarter of ’24, and the first green ammonia bunkering units are expected to be delivered by the end of 2025. We continue to believe ammonia will be a key future fuel for the shipping industry, so we’re putting our money where our motto is with this strategic investment.
Now finishing on Slide 26, there is still time to make it down to Houston, Texas, for upcoming 2023 Analyst Investor Day this week. On Wednesday, we’ll be touring the Morgan’s Point at the lean Export Terminal and climbing aboard one of our beautiful vessels loading ethylene, followed by dinner with management some members of the Board. And then on Thursday, we’ll host company and industry presentations, covering current market trends, a financial update as well as our medium-term strategy. We’ll then have lunch followed by an appreciation event for analysts, shareholders, customers and partners. The outlook for the weather forecast is looking bright, but not as bright as the outlook for Navigator Gas. So hopefully, you can join us in the coming days to hear more about it.
With that, I’ll turn it back over to Mads for closing remarks.
Mads Peter Zacho: Thanks a lot, Randy. Yes. And as you can see here, Navigator is sailing strong and it’s well positioned for the future. I do hope that you like the direction that we’re heading. We are delivering a growing and consistent amount of revenues and earnings. Utilization in the gas tank or feed stays tight, and it allows for higher charter rates. And now we are going into the typically strong winter months. The midterm outlook for our gas tanker business is robust with a limited number of handysize vessels on order, and with continued strong natural gas liquids production growth, not least in Houston. Our balance sheet is in its best shape ever, with leverage and cash allowing us to return capital and grow our business at the same time.
We remain strongly committed to growing Navigators business. The good progress in expanding our mortgage Point terminal joint venture as well as our investment into Azane is some of the best. So the best is yet to come. And with that, I’ll hand it back to you, Randy.
