The sale and leaseback agreements stipulate that BCFL will provide funding for pre-delivery and delivery installments for the newbuildings.
The MR tankers are being built at STX Offshore & Shipbuilding in South Korea, and delivery dates range from end-March 2017 to end-June 2017.
Navig8 Chemical Tankers has entered into 10-year bareboat charters for the STX vessels, starting from their respective deliveries.
Navig8 Chemical Tankers has purchase options to re-acquire the tankers during the charter period, with the first such option exercisable on the fourth anniversary of each vessel delivery.
Navig8 Chemical Tankers, established in 2013 as a joint venture between Navig8 Group and Oaktree Capital Management, has taken delivery of 20 chemical carriers to date and anticipates delivery of its full 37-vessel fleet by mid-2017.
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