Navig8 Chemical Tankers seals $140m Chinese sale and leaseback deal

Navig8 Chemical Tankers seals $140m Chinese sale and leaseback deal

Navig8 Chemical Tankers has announced that it has entered into sale and leaseback agreements with China’s Bank of Communications Financial Leasing (BCFL) for four 49,000dwt medium range tankers being built at STX Offshore & Shipbuilding.

The deliveries of the four vessels are scheduled between the end of March 2017 and the end of June 2017.

Under the agreements, BCFL will provide funding for pre-delivery as well as the delivery instalments for the vessels. The net proceeds from the transaction will be $140,025,600.

The company has entered into 10-year bareboat charters for the vessels with BCFL, commencing upon delivery of each vessel. It has also purchased options to re-acquire the vessels during the charter period, with the first option exercisable on the fourth anniversary of each vessel delivery.

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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