Navig8 in Sale, Leaseback Pact with China Bank

Navig8 Chemical Tankers  entered into sale and leaseback agreements with ICBC Financial Leasing for four ships.

The tanker company focuses on the maritime transportation of Chemicals worldwide said in a press release that the net proceeds from the transaction of four of the Company’s IMO2 37,000 DWT Interline coated tankers  were $94,710,000.

A portion of the proceeds was 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 were sold and delivered to ICBC. The Company has entered into bareboat charters with ICBC for the Vessels.

Navig8 has purchase options to re-acquire the vessels during the charter period, with the first such option exercisable on the second anniversary of the date of delivery of each Vessel to ICBC, and obligations to repurchase the Vessels at the end of the charter period.