EuropeFinance and InsuranceTankers

Navig8 Product Tankers secures $130.3m financing for quartet

Navig8 Product Tankers has announced that it has entered into a $130.3m senior secured credit facility agreement with Citibank and Caixabank to provide post-delivery financing for four of the company’s 74,000dwt product tankers constructed or under construction at STX Offshore & Shipbuilding, including the Navig8 Experience, which was delivered to the company in March 2016.

The facility provides financing for around 65% of the contract price of the four vessels.

“With a blended margin over LIBOR below 2%, we are pleased to have secured attractively priced financing for these vessels,” said Nicolas Busch, chief executive officer of Navig8 Product Tankers.

“Thus far, we have raised over $1.3bn through a combination of equity, senior debt and sale and leaseback financings. We will continue to seek diverse and inexpensive sources of capital as we continue to accept deliveries from our newbuilding program,” he added.

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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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