Navig8 Chemical Secures Funds for Stainless Steel Duo

Illustration; Image Courtesy: Navig8 Chemical Tankers

Chemical shipping company Navig8 Chemical Tankers has secured financing for its remaining two 25,000 dwt stainless steel chemical tanker newbuildings.

Namely, the company entered into a USD 54.3 million secured loan facility to finance the two vessels, which are currently under construction at Japan’s Kitanihon Shipbuilding.

Navig8 Chemical Tankers said that the loan facility covers approximately 65% of the contract price of the vessels, and has been provided by a European bank.

The company did not disclose any further details on the financing.

According to data provided by VesselsValue, the new tankers, named Navig8 Saiph and Navig8 Sceptrum, are scheduled for delivery to their owner in February and April 2017, respectively.

Featuring a length of 159 meters and a width of 25 meters, each of the ships has a capacity of 30,020 cubic meters.

In late October, Navig8 Chemical Tankers took delivery of the fourth of six 25,000 dwt stainless steel chemical tankers contracted at Kitanihon Shipbuilding.

Following delivery, Navig8 Stellar joined Japan-based financial services company SBI Holdings and was delivered back to the company under bareboat charter.

The tanker subsequently started operating in Navig8 Group’s Stainless8 commercial pool.

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