Navig8 Product Tankers Secures Post-Delivery Funding for LR1 Duo

Image Courtesy: Navig8 PT

Petroleum products transporter Navig8 Product Tankers has entered into a USD 66 million senior secured credit facility agreement with the Singapore branch of ABN AMRO Bank to provide post-delivery financing for two of its 74,000 dwt LR1 product tankers under construction at SPP Shipbuilding in South Korea.

Navig8 Product Tankers took delivery of the first of four LR1 tankers constructed by SPP Shipbuilding on 15 July.

The Navig8 Pride is also the first of four vessels to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing Co.

The credit facility has two separate tranches – a USD 13.2 million commercial tranche, and a USD 52.8 million tranche insured by Korea Trade Insurance Corporation.

The loan provides financing of approximately 65% of the contract price of these four vessels.

So far the company has taken delivery of nine LR1 and eight LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >