Navig8 Product Tankers Adds New LR1 Ship

Navig8 Tankers Shipping company Navig8 Product Tankers Inc. has taken delivery of a 74,000 DWT LR1 tanker Navig8 Pride, from South Korean shipbuilder SPP Shipbuilding Co., Ltd. The Navig8 Pride is the first of four vessels contracted at SPP to be delivered to the company and is the first vessel to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing (CMBFL), announced on March 17, 2016. Navig8 Product Tankers said that, following delivery of the Navig8 Pride to CMBFL under the terms of the assigned shipbuilding contract, the vessel was then delivered back to the company under bareboat charter. The Navig8 Pride will be entered into and operated in Navig8 Group’s LR8 commercial pool. So far, the company has taken delivery of nine LR1 and eight LR2 product tanker newbuildings. Navig8 expects that its entire newbuilding fleet will be delivered by the end of 2016.