Newbuild LR1 Joins Navig8 Product Tankers Fleet

Navig8 PT Shipping company Navig8 Product Tankers has taken delivery of the 74,000 dwt LR1 tanker Navig8 Providence from South Korean shipbuilder SPP Shipbuilding. The Navig8 Providence is the second of four vessels contracted at SPP to be delivered to the company and is the second vessel to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing in March 2016. Following delivery of the Navig8 Providence to CMBFL under the terms of the assigned shipbuilding contract, the tanker was then delivered back to the company under bareboat charter. Navig8 Providence will be entered into and operated in Navig8 Group’s LR8 commercial pool. The company has so far taken delivery of ten LR1 and ten LR2 product tanker newbuildings. Its remaining newbuilding fleet is expected to join the company by the end of 2016.