Navig8 Product Tankers Adds Two Newbuilds

Newly-established product tanker company Navig8 Product Tankers Inc said that it has taken delivery of two newly constructed product tankers.

One LR2 115,000dwt product tanker, named Navig8 Stability was delivered by Korean builder Sungdong Shipbuilding & Marine Engineering Co, Ltd.

The second vessel is an LR1 74,000dwt product tanker, named Navig8 Excelsior, which was also delivered from a South Korean shipbuilder, namely STX Offshore & Shipbuilding Co. Ltd.

According to Navig8 Product Tankers, Navig8 Stability will join the group’s ALPHA8 pool, while Navig8 Excelsior will enter LR8 pool.

Navig8 Excelsior is the second of eight newbuilds being built at the yard.

In November 2015, Navig8 Product Tankers Inc secured a USD 64.3 million commercial loan facility for the first two of eight 74,000 dwt LR1s under construction at South Korea’s STX Offshore & Shipbuilding.

Crédit Agricole Corporate and Investment Bank provided Navig8 Product Tankers with the funds which are expected to cover 65% of the contract price of each of the two vessels.

The first newbuilding in the series to join the company’s fleet, Navig8 Excel, entered Navig8’s LR8 Pool in November.

Navig8 and STX signed shipbuilding contracts for eight LR1s back in March 2014, valued at the time at around USD 580 million.

Under the agreement, Navig8 has an option to order four additional 74,000 dwt tankers.

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