Navig8 Chemical Tankers, a joint venture between the Navig8 Group and Oaktree Capital Management, has taken delivery of its second chemical tanker from Japan-based Fukuoka Shipbuilding.
The 25,000 dwt stainless steel vessel named Navig8 Sol is the second of two vessels that were contracted at the shipyard and were to be delivered to the company. Navig8 Group’s Stainless8 commercial pool will receive and operate Navig8 Sol.
In May 2017, under the sale and leaseback arrangements entered into with subsidiaries of Japan-based SBI Holdings Inc (SBI), Navig8 Sol is the last vessel to be delivered. Post delivery from Fukuoka, the Navig8 Sol was delivered to SBI under the terms of the sale MOA and then delivered back to the company under bareboat charter.
Navig8 Chemical Tankers secured ten-and-a-half-year bareboat charters for the stainless steel chemical duo starting at the time of their deliveries. The company has purchase options to re-acquire the vessels during the charter period, with the first such option exercisable on or around the fifth anniversary of each delivery.
Navig8 Spica, the first vessel, was delivered to the company in May 2017 under the same terms.