Navig8 Chemical Cancels Five Newbuildings at STX

Navig8 Chemical Tankers Navig8 Chemical Tankers has cancelled contracts to construct five 49,000 dwt medium range tankers at South Korean STX Offshore & Shipbuilding. The five Interline-coated tankers, which were ordered in October and December of 2015, respectively, were scheduled for delivery during 2017. Navig8 Chemical Tankers said that all pre-delivery instalments previously paid to STX with respect to the cancelled vessels have been refunded to to the company together with interest by Korea Development Bank (KDB) pursuant to the refund guarantees provided by KDB. The vessels were supposed to 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. All five vessels were expected to be deployed in the Chronos8 pool managed by the Navig8 Group upon delivery. Navig8 Chemical Tankers was established in 2013 as a joint venture between the Navig8 Group and Oaktree Capital Management.