Navig8 Chemical Tankers Inc. concludes agreements for a sale and leaseback of eight newbuilding vessels with Ocean Yield ASA
Navig8 Chemical Tankers Inc. has entered into sale and leaseback agreements with Ocean Yield ASA for eight of the Company’s new buildings: 4 x IMO2 Interline coated 37k-dwt chemical tankers being built at Hyundai Mipo Shipyard (Korea) (“HMD”) and 4 x IMO2 Interline coated 49k-dwt chemical tankers being built at STX Offshore & Shipbuilding Co., Ltd. (Korea), the company said in its press release.
The four vessels from HMD have contractual delivery dates ranging from June 2015 to September 2015 and the four STX vessels from March 2016 to August 2016.
The net proceeds from the transaction (after a 10% sellers’ credit) will be USD 277 Million.
Under the agreements, the Vessels will be purchased by Ocean Yield from the Company on their respective deliveries from HMD and STX. The Company has entered into 15-year bareboat charters for the Vessels, commencing from said deliveries. The Company has purchase options to re-acquire the Vessels during the charter period, with the first such option exercisable on the fifth anniversary of each Vessel delivery.
Under the sale and leaseback agreements, Ocean Yield will also provide financing for the pre-delivery instalments for the Company’s four new buildings ordered at STX.
Separately, the Company confirms that it has, to date, taken delivery of five vessels, comprising two IMO2 49k-dwt chemical tankers (Navig8 Victoria; Navig8 Violette) and three IMO2 Interline-coated 37k-dwt chemical tankers (Navig8 Almandine; Navig8 Amber; Navig8 Amethyst). The vessels are operating in Navig8's Chronos8 and Delta8 pools respectively.