Navig8 Product Tankers Inc. Enters Into Sale and Leaseback Agreements With CMB Financial Leasing Co., Ltd for two 74,000 DWT LR2 Product Tankers
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(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwired) -- 03/17/16 -- Navig8 Product Tankers Inc. (the "Company") (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today announced that it has entered into sale and leaseback agreements with CMB Financial Leasing Co., Ltd ("CMBFL") for two 74,000dwt LR1 product tankers being built at SPP Shipbuilding Co., Ltd, Korea ("SPP"). The two vessels from SPP (together, the "SPP Vessels") have contractual delivery dates of end May and end June 2016.
Under the sale and leaseback agreements, CMBFL will provide funding for pre-delivery as well as the delivery instalments for the SPP Vessels. The net proceeds from the transaction (after a 20% sellers'' credit) will be USD 76,896,800.
The SPP Vessels will be delivered to CMBFL on their respective deliveries from SPP. The Company has entered into 7-year bareboat charters for the SPP Vessels, commencing upon their respective deliveries. The Company has purchase options to re-acquire the SPP Vessels during the charter period, with the first such option exercisable on the third anniversary of each SPP Vessel delivery.
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.
Navig8 Product Tankers maintains an orderbook of long-range (LR), eco-design product tankers, comprising 15 LR2 and 12 LR1 vessels. 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.
This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Navig8 Product Tankers management''s examination of historical operating trends. Although the Company believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Navig8 Product Tankers cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.
Important factors that, in the Company''s view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC''s petroleum production levels and worldwide oil consumption and storage, changes in the Company''s operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.
This communication is not for publication or distribution, directly or indirectly, in or into any state or jurisdiction into which doing so would be unlawful. The distribution of this communication may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes, should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions.
Nicolas Busch:
Chief Executive Officer
+ 44 207 467 5888
Rose & Company:
+1 212 359 2228
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Datum: 17.03.2016 - 08:00 Uhr
Sprache: Deutsch
News-ID 1422469
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Maritime
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