Navig8 Product Tankers Takes Delivery of LR1 Tanker

Navig8 Product Tankers Petroleum products shipping company Navig8 Product Tankers Inc. has taken delivery of a 74,000 dwt LR1 tanker, the Navig8 Prestige, from South Korean shipbuilder SPP Shipbuilding. Navig8 Prestige is the last of four vessels contracted at SPP to be delivered to the company. The tanker will be entered into and operated in Navig8 Group’s LR8 commercial pool, according to the company. Navig8 Prestige is the second and last vessel to be delivered under the USD 66 million senior secured loan facility entered into with ABN AMRO Bank, Singapore Branch on July 19, 2016. The loan was signed for post-delivery financing of two 74,000 dwt LR1 product tankers. Navig8 Product Tankers took delivery of the first LR1 tanker under the financing agreement, Navig8 Precision from South Korean shipbuilder SPP Shipbuilding, in early October. Navig8 Precision, the third of four vessels contracted at SPP, was entered into Navig8 Group’s LR8 commercial pool. A total of twelve LR1 and eleven LR2 product tanker newbuildings have been delivered to the company to date. Navig8 Product Tankers said that its full 27 eco‐design product tanker newbuilding fleet should be delivered by the end of 2016.