Chemical shipping company Navig8 Chemical Tankers Inc. has expanded its fleet as it took delivery of a 25,000 dwt stainless steel chemical tanker, the Navig8 Stellar.
Delivered by the Japanese shipbuilder Kitanihon Shipbuilding, Navig8 Stellar is the fourth of six vessels contracted at the shipyard to be delivered to the company.
The tanker is also the second and final vessel to be delivered under the sale and leaseback arrangement entered into with subsidiaries of Japan-based financial services company SBI Holdings in mid-September 2016.
Following delivery from Kitanihon, the Navig8 Stellar was delivered to SBI under the terms of the sale agreement and then delivered back to Navig8 Chemical Tankers under an 11-year bareboat charter.
The Navig8 Stellar will be entered into and operated in Navig8 Group’s Stainless8 commercial pool.
The first 25,000 dwt chemical tanker under the sale and leaseback agreement, the Navig8 Spark, was delivered to Navig8 Chemical Tankers from the shipbuilder on October 11.