Navig8 Product Tankers Inc. Takes Delivery of its Eighth and Final Newbuilding Product Tanker from Guangzhou Shipyard International Company Limited.
Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Gratitude, a 113,000 DWT LR2 tanker from Guangzhou Shipyard International Company Limited ("GSI"), formerly CSSC Offshore & Marine Engineering (Group) Company Limited.
The Navig8 Gratitude is the last of eight vessels contracted at GSI to be delivered to the Company and is the eighth and last vessel to be delivered under the sale and leaseback agreements entered into with CSSC (Hong Kong) Shipping Company Limited ("CSSC") announced on June 25, 2015. Following delivery of the Navig8 Gratitude by GSI to CSSC under the terms of the novated shipbuilding contract, the Navig8 Gratitude was then delivered back to the Company under bareboat charter.
The Navig8 Gratitude will be entered into and operated in Navig8 Group's Alpha8 commercial pool.
About Navig8 Product Tankers Inc.
Navig8 Product Tankers was established in 2013 as a joint venture between the Navig8 Group and DVB Bank to capitalize on anticipated strong supply/demand fundamentals and the accelerating growth of long-haul clean and dirty oil product cargo movements, driven by increasing geographic dislocations between producers and consumers.
The Company has taken delivery of twelve LR1 and fifteen LR2 product tanker newbuildings to date and has now completed the delivery of its full 27 eco-design product tanker newbuilding fleet. The Company's fleet is contracted to operate in various product tanker pools managed by the Navig8 Group, the world's largest independent pool and commercial management company.
Navig8 Product Tankers is listed on the Norwegian OTC market under the symbol EIGHT.