Navig8 Product Tankers has entered sale and leaseback agreements with CMB Financial Leasing for a pair of 74,000dwt LR1 product tankers under construction at SPP Shipbuilding in Korea.
CMB will provide funding for pre-delivery as well as the delivery instalments for the vessels, which are due for delivery at the end of May and end of June 2016.
The net proceeds from the transaction will be $76.9m, and Navig8 will take the vessels on 7-year bareboat charters on delivery. Navig8 also has purchase options to re-acquire the vessels, with the first option available after three years.
