Navig8 Chemical Tankers has entered into sale and leaseback agreements with China’s ICBC Financial Leasing for four of the company’s 37,000 dwt product tankers.
The net proceeds from the transaction are $94.71m and the company has used part of the proceeds to repay existing loans used to finance the vessels’ newbuilding contracts.
Under the agreements, the company sold the vessels to ICBC Leasing and entered into bareboat charters. The company has purchase options to re-acquire the vessels after two years and obligations to repurchase the vessels at the end of the charter period.
Navig8 Chemical Tankers currently operates a modern fleet of 32 tankers.