Navig8 Tankers Pact with CMB
By Aiswarya Lakshmi
June 20, 2016
Navig8 Chemical Tankers Inc. has signed sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (CMB) for three of its IMO2 37,000 dwt Interline coated tankers.
The company said that the expected net proceeds from the transaction are USD 91.2 million.
A portion of the proceeds will be utilized to repay existing loans used to finance the Vessels' newbuilding contracts under the multi-bank loan facility announced by the Company on February 3, 2015.
Under the sale and leaseback agreements, the Vessels will be sold and delivered to CMB. The Company has entered into 7-year bareboat charters with CMB for the Vessels.
The Company has purchase options to re-acquire the vessels during the charter period, with the first such option exercisable on the third anniversary of the date of delivery of each Vessel to CMB, and obligations to repurchase the Vessels at the end of the bareboat period.
The Company has taken delivery of 21 chemical carriers to date and anticipates full delivery of its fleet by mid-2017.
