Navig8 Chemical Tankers News

Shipowner Ocean Yield has completed the sale of the Navig8 Amessi chemical tanker to Navig8 Chemical Tankers.Navig8 Chemical Tankers Inc. had in January declared the purchase option on the 2015-built chemical tanker. It was then said Navig8 would pay USD 26.5 million for the transaction.Ocean Yield on Wednesday said the transaction for the Hyundai-built tanker was successfully completed."Following repayment of the bank debt on the vessel, the transaction will give net cash proceeds of about USD 9.7 million for Ocean Yield. The transaction is not expected to have any impact on the net results for Q3 2020," Ocean Yield said.According to MarineTraffic, the Navig8 Amessi is currently at anchor near Panama City, Panama, waiting to pass through the Panama Channel.

Navig8 Chemical Tankers, an international shipping company focused on the transportation of chemicals,  has agreed to enter four of its 25,000-dwt chemical tankers into a pool operated by the Norwegian tanker owner and operator Odfjell.Following the delivery of the vessels, the 'Chempool25' will total 19 vessels with Odfjell contributing with ten vessels, CTG five vessels and N8CTI four vessels. Odfjell will continue to be the operator of all vessels in the pool.“We are pleased to welcome N8CTI as a partner. N8CTI brings first-class vessels to the pool, and we look forward to the cooperation and to further develop our pool partnerships,” said Kristian Mørch, CEO of Odfjell SE.

Navig8 Chemical Tankers  entered into sale and leaseback agreements with ICBC Financial Leasing for four ships.The tanker company focuses on the maritime transportation of Chemicals worldwide said in a press release that the net proceeds from the transaction of four of the Company’s IMO2 37,000 DWT Interline coated tankers  were $94,710,000.A portion of the proceeds was utilized to repay existing loans used to finance the Vessels’ newbuilding contracts under the multi-bank loan facility announced by the Company on February 3, 2015.Under the sale and leaseback agreements, the Vessels were sold and delivered to ICBC. The Company has entered into bareboat charters with ICBC for the Vessels.Navig8 has purchase options to re-acquire the vessels during the charter period…

Despite a shift in demand in the chemical shipping sector, Navig8 Chemical Tankers ended the fourth quarter ended 31st December, 2017 with a widened net loss of USD 3.7mln. Revenue for 4Q17 was $43.3 mill, compared to $33.9 mill for 4Q16. “The chemical tanker market began to show signs of improvement in the fourth quarter led by stronger demand in the chemical sector and tightening in the MR product tanker market,” said CEO Nicolas Busch. “With our fleet fully delivered, we are pleased to have generated sequential increases in revenues and operating income and believe we are well positioned as fleet growth for larger vessels begins to slow and chemical tanker demand continues to increase,” Nicolas added.

Navig8 Chemical Tankers Inc,  international  shipping company focused on the transportation of chemicals, has  entered  into  contracts  to  acquire  32  modern,  fuel-efficient  newbuilding  chemical  tankers. As of today, 31 of these vessels have been delivered and are in operation, the company said in a press release. The remaining vessel is scheduled to be delivered in the third quarter of 2017. Upon their respective deliveries, the Company’s vessels have and will be deployed in commercial pools managed by the Navig8  Group,  including  the  Chronos8,  Delta8  and  Stainless 8  pools. The Company’s newbuilding fleet is composed of eighteen IMO2 37…

Navig8 Chemical Tankers Inc. today announced that it has taken delivery of the Navig8 Tanzanite, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”), the final 49,000 DWT IMO2 Interline-Coated vessel from the Company’s newbuilding program. The Navig8 Tanzanite is also the eighth and final vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015. Following delivery from STX, the Navig8 Tanzanite was delivered to Ocean Yield under the terms of the sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Tanzanite will be entered into and operated in Navig8 Group’s Chronos8 commercial pool.

Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Stellar, a 25,000 DWT stainless steel chemical tanker from Kitanihon Shipbuilding Co., Ltd. The Navig8 Stellar is the fourth of six vessels contracted at Kitanihon to be delivered to the Company and is the second and final vessel to be delivered under the sale and leaseback arrangements entered into with subsidiaries of SBI Holdings, Inc (“SBI”) announced on September 15, 2016. Following delivery from Kitanihon, the Navig8 Stellar was delivered to SBI under the terms of the sale MOA and then delivered back to the Company under bareboat charter.

Navig8 Chemical Tankers Inc. announced that it has cancelled contracts to construct five IMO2 49,000 DWT Interline-coated medium range tankers at STX Offshore & Shipbuilding Co., Ltd. which were to be delivered during 2017. Contracts ordering the cancelled vessels were previously announced on October 21, 2015 and December 3, 2015. All pre-delivery instalments previously paid to STX with respect to the cancelled vessels have been refunded to Navig8 Chemical Tankers together with interest by Korea Development Bank (KDB) pursuant to the refund guarantees provided by KDB.

Navig8 Chemical Tankers Inc. an international shipping company focused on the transportation of chemicals, today announced that it has entered into a sale and leaseback transaction with subsidiaries of Japan-based SBI Holdings Inc (“SBI”) for two 25,000 DWT stainless steel chemical tankers (the “Vessels”) being built by Kitanihon Shipbuilding Co. Ltd (“Kitanihon”). Crédit Agricole Corporate and Investment Bank (“CA-CIB”) is providing debt financing to SBI in connection with the transaction. Under the agreements, the Vessels will be purchased by SBI from the Company on their respective deliveries from Kitanihon. The Company has entered into 11-year bareboat charters for the Vessels, commencing at the time of their deliveries.

Navig8 Chemical Tankers Inc. (the “Company”) (N‐OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Sky, a 25,000 DWT stainless steel chemical tanker, from Kitanihon Shipbuilding Co., Ltd (“Kitanihon”). The Navig8 Sky is the second of six vessels contracted at Kitanihon to be delivered to the Company and is the second and last vessel to be part financed under the secured loan facility with Credit Suisse AG announced on June 22, 2016. The Navig8 Sky will be entered into and operated in Navig8 Group’s Stainless8 commercial pool.

Navig8 Chemical Tankers Inc reported its net income at $9.6 million, against a net income of $2.9 million seen in the three months ended June 30, 2015. Continued growth of the company’s operating fleet with the delivery of Navig8 Turquoise, a 49,000 DWT IMO2 Interline-coated chemical tanker and Navig8 Sirius, a 25,000 DWT stainless steel chemical tanker, in the second quarter of 2016 and Navig8 Topaz, a -49,000 DWT IMO2 Interline-coated chemical tanker in July 2016. It has secured $286.2 million to finance the company’s newbuilding program. Navig8 has issued $93 million in amortizing notes due 2027, guaranteed by The Export-Import Bank of Korea (KEXIM) with an interest rate fixed at 2.9 percent per annum.

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has taken delivery of the Navig8 Topaz, a 49,000 DWT IMO2 Interline-coated chemical tanker, from STX Offshore & Shipbuilding Co., Ltd. (“STX”). The Navig8 Topaz is the second STX vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on April 1, 2015. Following delivery from STX, the Navig8 Topaz was delivered to Ocean Yield under the terms of the Sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Topaz will be entered into and operated in Navig8 Group’s Chronos8 commercial pool.

Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co. Ltd. Navig8 Sirius is a 25,000 DWT stainless steel chemical tanker. The Navig8 Sirius is the first of six vessels contracted at Kitanihon to be delivered to the Company and is the first vessel to be delivered under the secured loan facility with Credit Suisse AG announced on June 22, 2016. The Navig8 Sirius will be entered into and operated in Navig8 Group's Stainless8 commercial pool. The company ordered the batch of six stainless steel chemical tankers in January 2014.

Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers. The company said that the expected net proceeds from the transaction are USD 91.2 million. A portion of the proceeds will be utilized to repay existing loans used to finance the Vessels' newbuilding contracts under the multi-bank loan facility announced by the Company on February 3, 2015. Under the sale and leaseback agreements, the Vessels will be sold and delivered to CMB. The Company has entered into 7-year bareboat charters with CMB for the Vessels. The Company has purchase options to re-acquire the vessels during the charter period…

Navig8 Chemical Tankers has signed sale and leaseback agreements with China's Bank of Communications Financial Leasing (BCFL) for a quartet of medium range tankers. The  for four 49,000 DWT Interline coated medium range tankers being built at STX Offshore & Shipbuilding Co., Ltd, Korea (STX). The four vessels from STX  have contractual delivery dates ranging from end March 2017 to end June 2017. Under the sale and leaseback agreements, BCFL will provide funding for pre-delivery as well as the delivery instalments for the STX Vessels. The net proceeds from the transaction (after a 12% sellers' credit) will be USD 140,025,600. The STX Vessels will be delivered to BCFL on their respective deliveries from STX.

Navig8 Chemical Tankers has announced that it has entered into contracts to purchase four 49,000 dwt IMO2 eco-design, Interline-coated chemical tankers to be built at STX Offshore & Shipbuilding Co., Ltd. in Korea ("STX"). The company also announced that it has secured options to purchase six additional sister vessels from STX. The vessels will be built to the same technical specifications as the Company's preexisting orders with STX, including the capability to transport methanol and other specialty cargoes.

Norway’s Ocean Yield ASA has agreed to acquire four 115,000 dwt LR2 product tankers which are currently on order from Navig8 Product Tankers at Sungdong Shipbuilding in Korea. Ocean Yield has agreed to acquire the product tankers for a total consideration of USD 198.1 million, in combination with 13 years "hell and high water" bareboat charters to Navig8 Product Tankers Inc, says a company statement. The four vessels are being built at Sungdong Shipbuilding & Marine Engineering Co., Ltd, Korea, and are scheduled for delivery in January, March, May and July 2016. The vessels are being acquired for USD 49.5 million each, which is equal to the original yard cost and is about 20% below current market value.

Norway’s Ocean Yield has bought eight chemical tanker newbuildings for $306.8m from Navig8 Chemical Tankers Inc, which will lease the vessels back on 15-year   "hell and high" bareboat charters. Navig8 Chemical Tankers has options to buy the vessels during the charter period, with the first option exercisable after five years. The Oslo-listed ship-owner Ocean Yield will provide Navig8 Chemical Tankers with a pre-delivery loan matching the remaining yard installments for the STX vessels. The Norwegian company said the transaction will be funded by bank financing for 69% of the price, a seller’s credit for 10% and the rest with existing cash and other debt.

Navig8 Chemical Tankers Inc. is pleased to announce that it has signed resale purchase agreements with an agribusiness group  to purchase two ECO 49,000 dwt chemical tankers currently under construction at Hyundai Vinashin Shipyard Co. Ltd. that were originally ordered by the Seller. Both Vessels are scheduled for delivery in Q1 2015. The Company has the option to take delivery of the Vessels upon scheduled delivery from Vinashin or take the Vessels under a bareboat charter from the Seller for up to 12 months after delivery from Vinashin, before taking ownership delivery of the Vessels from the Seller within the 12 months. Navig8 Chemical Tankers Inc now has a total of thirty two (32) ECO chemical newbuilds under construction in Korea…

COSCO Zhoushan have announced a contract for two 64,000 dwt Ultramax with deliveries in the fourth quarter of 2016 and the first quarter of 2017 respectively. It is understood that these are the options declared by clients of Hong Kong owner KC Maritime who had signed the contracts for the two firm units in the end of last year for delivery in the fourth quarter of this year. Compared to dry, more activity was seen by Clarkson Hellas in tankers with clients of Navig8 Chemical Tankers contracting four firm plus four option 49,000 dwt IMO-II MRs at STX Offshore & Shipbuilding in Korea. Deliveries of the firm units are from 2016 and the vessels will be built at STX’s Jinhae facilities.