Sungdong to Build Two More for Navig8

Navig8 Product Tankers Inc. yesterday announced the execution of two further shipbuilding contracts with Sungdong Shipbuilding & Marine Engineering Co., South Korea.

Under the deal, Sungdong will build two additional energy-efficient long-range-two (LR2) newbuild vessels scheduled for delivery in 2015.

The company also announced the completion of the $30 million additional tranche (the “Additional Tranche”) of its August 2013 private placement (the “Private Placement”) to (part) finance these two newbuildings.

The price of a vessel is estimated to be around $47.9 million.

[mappress]

Press Release, October 1, 2013