Navig8, Oaktree Announce Agreement to Form ‘Navig8 Chemical Tankers’

Navig8 and Oaktree Capital Management announced on Tuesday an agreement to form “Navig8 Chemical Tankers Inc”.

Navig8 Chemical Tankers Inc has placed an initial order at Hyundai Mipo Dockyard Co, Ltd, South Korea for six 37,000 dwt IMO2 eco-design chemical tankers for delivery in Q1 2015, together with a series of fixed price optional vessels.

Navig8 is a fully integrated provider of shipping management services and the world’s largest independent pool and commercial management company. Operating one of the largest and most diverse fleets on the water, Navig8 commercially manages a fleet of 210 vessels including chemical tankers, product tankers, crude tankers and dry bulk vessels out of nine global offices.

Oaktree is a leader among global investment managers specializing in alternative investments, with $76.4 billion in assets under management as of June 30, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 750 employees and offices in 13 cities worldwide.

Navig8, October 10, 2013