Under the agreement, the tankers were sold and delivered to ICBC. Navig8 Chemical Tankers in turn entered into bareboat charters with the Chinese bank for the tankers.
Purchase options are available for Navig8 Chemical Tankers to re-acquire the tankers during the charter period.
Navig8 Chemical Tankers said it received net proceeds of $94.71m from the transaction. A portion of the proceeds was utilised to repay existing loans used to finance the newbuilding contracts under a multi-bank loan facility.
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