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Navig8 Chemical Tankers inks sale and leaseback deal with ICBC

Navig8 Chemical Tankers Inc. has entered into a sale and leaseback agreement with China’s ICBC Financial Leasing for four 37,000-dwt product tankers.

Lee Hong Liang, Asia Correspondent

March 18, 2019

1 Min Read

Kalyakan - stock.adobe.com

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.

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.

See more from Lee Hong Liang

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