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Navig8 Chemical Tankers inks sale and leaseback deal for MRs

Navig8 Chemical Tankers Inc. has entered into sale and leaseback agreements with China’s Bank of Communications Financial Leasing (BCFL) for four new 49,000 dwt MR tankers.

Lee Hong Liang, Asia Correspondent

April 11, 2016

1 Min Read
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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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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