Navig8 Product Tankers Expands Fleet

By Aiswarya Lakshmi
Monday, January 18, 2016
Eco LR2 Navig8 Solidarity 109,000dwt. Photo by Navig8 Product Tankers Inc.

 Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, has taken delivery of one LR1 74,000 DWT product tanker, the Navig8 Expedite, from STX Offshore & Shipbuilding Co, Ltd. 

 
The vessel will be entered into and operated in the LR8 commercial pool operated by the Navig8 Group.
 
Thus far the Company has taken delivery of three LR1 and two LR2 product tankers newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.
 
Navig8 Product Tankers recently entered into an amended loan facility for USD 128.5 million with Credit Agricole Corporate and Investment Bank (CACIB) and BNP Paribas to provide additional financing for LR1 74,000 DWT product tankers being built at STX Offshore & Shipbuilding Co. Ltd.
 
“We are pleased to report that we have completed further steps to finance our newbuilding program,” said Nicolas Busch, Chief Executive Officer of Navig8 Product Tankers. 
 
He added: “Thus far, we have closed senior debt and sale and leaseback financings for 19 vessels, including the vessels that will be financed under the amended facility with Credit Agricole and BNP Paribas. We are also excited to continue to take delivery of our vessels on schedule and that the Navig8 Excelsior and Navig8 Stability have delivered into a strong product tanker market.”
 
Navig8 Product Tankers maintains an orderbook of long-range (LR), eco-design product tankers, comprising 15 LR2 and 12 LR1 vessels. The company's fleet is contracted to operate in various product tanker pools managed by the Navig8 Group, the world's largest independent pool and commercial management company.
 

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