Navig8 declares purchase option on another Ocean Yield chemical tanker

Navig8 has exercised an option to buy the 2016-built 49,000 dwt chemical tanker Navig8 Tanzanite, currently on a long-term charter from Norway’s Ocean Yield.

Navig8 had a purchase option on the vessel after five years, and now that it has been declared, the effective purchase date is November 25.

The Oslo-listed Ocean Yield said that the price of the option is $30.7m, higher than the tanker’s value of $30.14m, according to VesselsValue.

Ocean Yield paid $40.5m for the South Korean-built vessel. The Norwegian owner will receive net cash proceeds of about $12m and intends to reinvest in new vessels with long-term charters.

Last month, Navig8 also declared an option to acquire Ocean Yield’s 2013-built 45,000 dwt chemical tanker Navig8 Constellation for $18.8m. 

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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