Navig8 Chemical Agrees Sale, Leaseback with ICBC

Chemicals shipping company Navig8 Chemical Tankers has entered into sale and leaseback agreements with ICBC Financial Leasing related to four of its vessels.

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Under the deals, the company’s 37,000 dwt product/chemical tankers were sold and delivered to ICBC. The company has entered into bareboat charters with ICBC for the units.

The net proceeds from the transaction were USD 94.7 million. A portion of the proceeds was utilized to repay existing loans used to finance the vessels’ newbuilding contracts under the multi-bank loan facility revealed by the company on February 3, 2015.

Navig8 Chemical Tankers has purchase options to re-acquire the vessels during the charter period, with the first such option exercisable on the second anniversary of the date of delivery of each tanker to ICBC, and obligations to repurchase the ships at the end of the charter period.