Third Newbuilding Tanker Joins Navig8 Chemical

Navig8 Chemical Tankers, a joint venture between the Navig8 Group and Oaktree Capital Management, has taken delivery of a 25,000 dwt stainless steel chemical tanker Navig8 Spark from Japanese shipbuilder Kitanihon Shipbuilding Co. Ltd.

The tanker is the third of six vessels contracted at Kitanihon to be delivered to the company and the first vessel to be delivered under the sale and leaseback agreements entered into with Japan-based financial services company SBI Holdings in mid-September 2016.

Following delivery from Kitanihon, the Navig8 Spark was delivered to SBI under the terms of the sale MOA and then delivered back to the company under an 11-year bareboat charter.

The Navig8 Spark will be entered into and operated in Navig8 Group’s Stainless8 commercial pool.

Under the sale and leaseback deal with SBI, Navig8 Chemical Tankers has purchase options to re-acquire the vessels during the charter period, with the first such option exercisable on or around the fifth anniversary of each delivery.

The company earlier said that the net proceeds from the transaction will be USD 74 million.

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