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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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