Navig8 declares purchase option on chemical tanker financed by Ocean Yield

Navig8 Chemical Tankers has declared an option to acquire the 2016-built chemical Navig8 Tourmaline, currently on a long-term charter from Norway’s Ocean Yield.

Navig8 Chemical Tankers had the option on the vessel become available after five years, and now that it has been declared the effective purchase date is October 3. The price of the option is $30.7m, more than the tanker’s value of $27.17m according to VesselsValue.

Ocean Yield says it will receive net cash proceeds of about $12m after repayment of debt related to the vessel, and it intends to reinvest the proceeds into new vessels with long-term charters.