Navig8 Chemical Tankers Inks Sale and Leaseback Deals for Vessel Trio

Navig8 Chemical Tankers Chemical shipping company Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers. The company said that the expected net proceeds from the transaction are USD 91.2 million. A portion of the proceeds will be utilized to repay existing loans used to finance the vessels newbuilding contracts under the multi-bank loan facility announced by the company on February 3, 2015, Navig8 Chemical Tankers added. Under the sale and leaseback agreements, the vessels will be sold and delivered to CMB. Additionally, Navig8 Chemical Tankers has signed 7-year bareboat charters with CMB for the tankers. The shipping firm has purchacse options to re-acquire the vessels during the charter period, with the first such option exercisable on the third anniversary of each vessel delivery, and obligations to repurchase the tankers at the end of the bareboat period. Navig8 Chemical Tankers has taken delivery of 21 chemical carriers to date and anticipates full delivery of its fleet by mid-2017. The fleet is contracted to operate in various chemical tanker pools managed by the Navig8 Group.