Navig8 Group News

Shipping company Navig8 Product 2020 has taken delivery of a new scrubber-fitted MR tanker, the Navig8 Gauntlet.The  international shipping company focused on the transportation of  Clean Petroleum Products (CPP) said that the 49,000 dwt vessel was delivered from Japan’s New Times Shipbuilding and is the sixth unit in a series of eight such scrubber-fitted tankers in the company’s newbuilding program.The Navig8 Guantlet will be entered into and operated in Navig8 Group’s Chronos8 commercial pool, it said.Last month, the company took delivery of the Navig8 Goal. The scrubber-fitted MR tanker from New Times Shipbuilding has entered into and operated in Navig8 Group’s Chronos8 commercial pool.

Navig8 Product 2020, an international shipping company,  has announced that it has taken delivery of the Navig8 Promise.Its the seventh 110,600 DWT scrubber-fitted LR2 tanker from New Times Shipbuilding.The Navig8 Promise will be entered into and operated in Navig8 Group’s Alpha8 commercial pool.The crude oil tanker built in 2019 will sail under the flag of Marshall Islands.Navig8 is a fully integrated provider of shipping management services and the world’s largest independent pool and commercial management company.

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 Product Tankers Inc. today announced that it has taken delivery of the Navig8 Gladiator, a 113,000 DWT LR2 tanker from Guangzhou Shipyard International Company Limited (“GSI”), formerly CSSC Offshore & Marine Engineering (Group) Company Limited. The Navig8 Gladiator is the seventh of eight vessels contracted at GSI to be delivered to the Company and is the seventh vessel to be delivered under the sale and leaseback agreements entered into with CSSC (Hong Kong) Shipping Company Limited (“CSSC”) announced on June 25, 2015. Following delivery from GSI, the Navig8 Gladiator was delivered to CSSC under the terms of the Sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Gladiator will be entered into and operated in Navig8 Group’s Alpha8 commercial pool.

Gener8 Maritime announced that it took delivery of the "ECO" VLCC the Gener8 Hector on January 6, 2017 from Hanjin Heavy Industries and Construction Philippines. The Gener8 Hector represents the nineteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet.  Upon delivery, the Gener8 Hector entered Navig8 Group's VL8 Pool.

Navig8 Group (Navig8), the world's largest provider of maritime services,  has announced that it has been advised by Oman Shipping Company SAOC (OSC) that they have decided to internalize the commercial management of their VLCC fleet which had been hitherto in the VL8 pool. The VL8 pool is one of the largest VLCC tanker pools in the world and one of 16 shipping pools managed by Navig8. The company's 16 shipping pools bring together multiple, like-minded owners with vessels of similar type and characteristics, into distinct pools. Each pool is managed by the Navig8 as a single, cohesive fleet, allowing owners to leverage Navig8's leading network of charterer relationships and strong cargo base.

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.

Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25, 2016 from Shanghai Waigaoqiao Shipbuilding Co. Ltd. ("SWS"). The Gener8 Miltiades  represents the sixteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Miltiades entered Navig8 Group's VL8 Pool. The Gener8 Miltiades is the sixth "ECO" VLCC delivered by SWS to Gener8 Maritime, concluding our newbuilding program with the yard.

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 Product Tankers Inc. an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Precision a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd (“SPP”). The Navig8 Precision is the third of four vessels contracted at SPP to be delivered to the Company and is the first vessel to be delivered under the secured loan facility entered into with ABN AMRO BANK N.V., Singapore Branch announced on July 19, 2016. The Navig8 Precision will be entered into and operated in Navig8 Group’s LR8 commercial pool. The Company has taken delivery of eleven LR1 and ten LR2 product tanker newbuildings to date and anticipates delivery of its full 27 eco‐design product tanker newbuilding fleet by the end of 2016.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of two very large crude carriers (VLCC).   The Gener8 Perseus was delivered September 9, 2016 from Hyundai Heavy Industries Co., Ltd., and the Gener8 Oceanus on September 12, 2016 from Hyundai Samho Heavy Industries Co., Ltd. Upon delivery, both tankers entered Navig8 Group's VL8 Pool.   The two new tankers represent vessels 14 and 15 of 21 "ECO" VLCCs ordered for the Gener8 Maritime fleet. The shipper has on order four more VLCCs anticipated for delivery in 2016 and two for 2017.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, announced that it has taken delivery of the ECO VLCC the Gener8 Macedon on August 30, 2016 from Hyundai Samho Heavy Industries Co., Ltd.   The Gener8 Macedon represents the 13th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.    Upon delivery, the Gener8 Macedon entered Navig8 Group's VL8 Pool.

Navig8 Product Tankers Inc. today announced that it has taken delivery of the Navig8 Providence, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd. (“SPP”). The Navig8 Providence is the second of four vessels contracted at SPP to be delivered to the Company and is the second vessel to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing Co., Ltd (“CMBFL”) announced on March 17, 2016. Following delivery of the Navig8 Providence by SPP to CMBFL under the terms of the assigned shipbuilding contract, the Navig8 Providence was then delivered back to the Company under bareboat charter. The Navig8 Providence will be entered into and operated in Navig8 Group’s LR8 commercial pool.

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 Product Tankers Inc. today took delivery of one 110,000 DWT LR2 product tanker, the Navig8 Supreme, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (“Sungdong”). The Navig8 Supreme is the fourth vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on July 13, 2015. Following the delivery from Sungdong, the Navig8 Supreme was delivered to Ocean Yield under the terms of the Sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Supreme is the last of seven vessels ordered at Sungdong to be delivered to the Company. The vessel will be entered into and operated in the Alpha8 commercial pool operated by the Navig8 Group.

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.

Navig8 Product Tankers Inc. (the “Company”) (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today took delivery of the Navig8 Pride, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd. The Navig8 Pride is the first of four vessels contracted at SPP to be delivered to the Company and is the first vessel to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing Co., Ltd (“CMBFL”) announced on March 17, 2016. Following delivery of the Navig8 Pride by SPP to CMBFL under the terms of the assigned shipbuilding contract, the Navig8 Pride was then delivered back to the Company under bareboat charter. The Navig8 Pride will be entered into and operated in Navig8 Group’s LR8 commercial pool.

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27, 2016 from Hyundai Samho Heavy Industries Co. Ltd.   The Gener8 Constantine represents the 11th of 21 ECO VLCCs expected to be delivered into Gener8 Maritime's fleet.   Upon delivery, the Gener8 Constantine entered Navig8 Group's VL8 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.

Maritime services provider Navig8 Group has agreed to buy shallow-water contractor RK Offshore Management. Singapore-headquartered Navig8 Group, the world's largest provider of maritime services, announced that it has entered into agreements to acquire Africa-focused RKOffshore Management (RKOM), a fully-integrated provider of marine services to the offshore energy industry. Completion of the acquisitions is subject to a number of conditions precedent which are expected to be satisfied on or before 30 April 2016. Under these agreements, RKOM will become a wholly-owned subsidiary of Navig8 Offshore, a newly-formed division of Navig8 Group, and rebranded as "RK8".

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 Product Tankers Inc. an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Sanctity, a 110,000 DWT LR2 tanker, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (“Sungdong”). The Navig8 Sanctity is the second vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on July 13, 2015. Following delivery from Sungdong, the Navig8 Sanctity was delivered to Ocean Yield under the terms of the Sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Sanctity will be entered into and operated in Navig8 Group’s Alpha8 commercial pool.