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Navig8, Oaktree form chemical tanker joint venture

Navig8, Oaktree form chemical tanker joint venture
Navig8 and Oaktree Capital Management have come together to form a chemical tanker joint venture named Navig8 Chemical Tankers Inc.

The new venture has placed an initial order at Hyundai Mipo Dockyard for six 37,000 dwt IMO2 eco-design chemical tankers for delivery in the first quarter of 2015, together with a series of fixed price optional vessels.

Financial details for the price of the newbuildings were not disclosed.

Navig8 currently manages a fleet of 210 vessels including chemical tankers, product tankers, crude tankers and dry bulk carriers.

Oaktree has $76.4bn in assets under management as of 30 June 2013.