Navig8 Cancels Five Newbuildings at STX

Navig8 Chemical Tankers Inc. announced that it has cancelled contracts to construct five IMO2 49,000 DWT Interline-coated medium range tankers at STX Offshore & Shipbuilding Co., Ltd. which were to be delivered during 2017.

Contracts ordering the cancelled vessels were previously announced on October 21, 2015 and December 3, 2015.

All pre-delivery instalments previously paid to STX with respect to the cancelled vessels have been refunded to Navig8 Chemical Tankers together with interest by Korea Development Bank (KDB) pursuant to the refund guarantees provided by KDB.