Navig8 Chemical Tankers is changing its name to Chemical Tankers Inc. (CTI). The company has scheduled a meeting with its shareholders on August 20 to approve the name change.
The change will be implemented with a view to better reflect the company’s standing as an independent owner and manager of chemical tankers and follows the recent sale of Navig8’s stake in CTI to funds managed by Oaktree Capital Management, who now control around 95% of the company’s outstanding common shares.
CTI’s CEO, Jens Grønning, said: “We feel that changing the company’s name is a natural next step in our evolution to an independent, self-sufficient, and agile business. The new name does not however signify a complete separation from the Navig8 Group, with which we maintain a very constructive business partnership through their commercial management of our eighteen A-Class vessels and the technical management of a number of our ships.”
Navig8 Chemical Tankers was established in 2013 as a joint venture between Navig8 Group and funds managed by Oaktree Capital Management. The company has a fleet of 32 vessels contracted to operate in various chemical tanker pools managed by Navig8 group and Odfjell Tankers, and on time-charters with third-party charterers.