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Thursday, August 18, 2022

Navig8 Leaseback Pact with with Chinese Financer

Maritime Activity Reports, Inc.

April 8, 2016

 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. The Company has entered into 10-year bareboat charters for the STX Vessels, commencing upon their respective deliveries. 
The Company has purchase options to re-acquire the STX Vessels during the charter period, with the first such option exercisable on the fourth anniversary of each STX Vessel delivery.
Navig8 Chemical Tankers Inc. was established in 2013 as a joint venture between the Navig8 Group and Oaktree Capital Management to capitalize on significant structural changes in the petrochemical industry and the continuing development of long-haul chemical trades. 

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