Navig8 Chemical Tankers has announced that it has entered into sale and leaseback agreements with China’s CMB Financial Leasing for three 37,000dwt tankers.
The expected net proceeds from the transaction will be $91.2m, with a portion of the proceeds to be utilized to repay existing loans used to finance the vessels’ newbuilding contracts.
Under the sale and leaseback agreements, the vessels will be sold and delivered to CMB, then chartered back on 7-year bareboat charters. Navig8 has purchase options to re-acquire the vessels during the charter period, with the first option exercisable on the third anniversary of the date of delivery of each vessel, and obligations to repurchase the vessels at the end of the bareboat period.
