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Navig8 Chemical Tankers inks sale and leaseback deal for four tankers

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.

 

 

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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