Navig8 Product Tankers Inc. Takes Delivery
OREANDA-NEWS. Navig8 Product Tankers Inc. (the "Company") (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Grace, a 113,000 DWT LR2 tanker from CSSC Offshore & Marine Engineering (Group) Company Limited, formerly known as Guangzhou Shipyard International Company ("CSSC Offshore").
The Navig8 Grace is the first of eight vessels contracted at CSSC Offshore to be delivered to the Company and is the first vessel to be delivered under the sale and leaseback agreements entered into with CSCC (Hong Kong) Shipping Company Limited ("CSSC") announced on June 25, 2015. Following delivery from CSSC Offshore, the Navig8 Grace was delivered to CSSC under the terms of the Sale MOA and then delivered back to the Company under bareboat charter.
The Navig8 Grace will be entered into and operated in Navig8 Group's Alpha8 commercial pool.
Thus far the Company has taken delivery of eight LR1 and seven LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.
About Navig8 Product Tankers Inc.
Navig8 Product Tankers was established in 2013 as a joint venture between the Navig8 Group and DVB Bank to capitalize on anticipated strong supply/demand fundamentals and the accelerating growth of long-haul clean and dirty oil product cargo movements, driven by increasing geographic dislocations between producers and consumers.
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.
Navig8 Product Tankers is listed on the Norwegian OTC market under the symbol EIGHT.