Navig8 Chemical Tankers Adds 2nd Fukuoka Newbuilding

Navig8 Chemical Tankers, a joint venture between the Navig8 Group and Oaktree Capital Management, has taken delivery of its second 25,000 dwt stainless steel chemical tanker.

The newbuilding, named Navig8 Sol, was constructed by Japanese builder Fukuoka Shipbuilding. It is the second of two vessels contracted at the shipyard to be delivered to the company.

Navig8 Sol is also the second and last vessel to be delivered under the sale and leaseback arrangements entered into
with subsidiaries of Japan-based SBI Holdings Inc (SBI) in May 2017.

Following delivery from Fukuoka, the Navig8 Sol was delivered to SBI under the terms of the sale MOA and then delivered back to the company under bareboat charter.

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

The first vessel from the batch, Navig8 Spica, was handed over to its owner in May 2017, under the same terms.

Navig8 Chemical Tankers secured ten-and-a-half-year bareboat charters for the stainless steel chemical duo commencing at the time of their deliveries.

The company 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.

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