Navig8 Chemical Tankers Enters into a Second Sale and Leaseback Transaction with SBI Holdings for Two further 25,000 dwt Chemical Tankers

May 19, 2017

Navig8 Chemical Tankers Inc. (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it has entered into a second sale and leaseback transaction with subsidiaries of Japan-based SBI Holdings Inc (“SBI”) for two 25,000 dwt stainless steel chemical tankers (the “Vessels”) being built by Fukuoka Shipbuilding Co. Ltd (“Fukuoka”). BNP Paribas (“BNPP”) and Crédit Agricole Corporate and Investment Bank (“CA-CIB”) are providing debt financing to SBI in connection with the transaction.
Under the agreements, the Vessels will be purchased by SBI from the Company on their respective deliveries from Fukuoka. The Company has entered into ten and half year bareboat charters for the Vessels, commencing 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 Vessel delivery. The net proceeds from the transaction to the Company will be USD 74 million.
In connection with the above arrangements, BNPP and CA-CIB will also provide debt financing of up to $22,940,000 to reimburse the Company in respect of pre-delivery instalments already paid to Fukuoka for the Vessels. This pre-delivery financing will be repaid upon the delivery of the Vessels from Fukuoka.

Full Release: PDF

Email Alerts Subscribe to our email alerts:

Delivered by Investis – link to website (opens in a new window)