Navig8 Chemical, AVIC Ink Sale and Leaseback for Two Tankers

Navig8 Chemical Tankers has entered into sale and leaseback agreements with AVIC International Leasing for two of its tankers.

Under the deal, the IMO2 37,000 dwt Interline coated tankers were sold and delivered to Avic.

Navig8 Chemical has entered into 10-year bareboat charters with Avic for the units.

It 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 vessel to Avic, and obligations to repurchase the tankers at the end of the charter period.

The company said that the net proceeds from the transaction were USD 52.4 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 unveiled by Navig8 Chemical in February 2015.