Navig8 Finds Cash for First Two Product Tanker Newbuildings

Navig8 Product Tankers Inc., part of Navig8 Group, has secured a USD 64.3 million commercial loan facility for the first two of eight 74,000 dwt LR1s under construction at South Korea’s STX Offshore & Shipbuilding, the first of which has also been delivered to the company.

Crédit Agricole Corporate and Investment Bank provided Navig8 Product Tankers with the funds which are expected to cover 65% of the contract price of each of the two vessels.

The first newbuilding in the series to join the company’s fleet, Navig8 Excel, will enter and be operated in Navig8’s LR8 Pool.

Navig8 and STX signed shipbuilding contracts for the eight LR1s back in March 2014, valued at the time at around USD 580 million.

Under the agreement, Navig8 has an option to order four additional 74,000 dwt tankers.