Navig8 Chemical Tankers Inc orders 6 stainless steel chemical tankers from Japan

By Finance

Navig8 Chemical Tankers has ordered six 25,000-dwt vessels at Kitanihon Shipbuilding. The company is a joint venture between the Navig8 Group and funds managed by Oaktree Capital Management. Navig8 Chemical Tankers announced the order, but the price of the vessels was not revealed. The stainless steel chemical tankers are expected to be delivered in 2016 and 2017.

Navig8 Chemical Tankers Inc is hoping that this is the time to buy new vessels because of the opportunity of the current historic low prices for modern design ships. The company has 18, 37,000-dwt IMO2 chemical tankers to be delivered next year from Hyundai Mipo Dockyard. Navig8 Group operates a large and diverse fleets. Navig8 Chemical Tankers is specialized in industrial chemicals shipping sector. The company is offering optimization and planning of cargo.

Stainless steel chemical tankers - designed to transport chemicals in bulk (transportation of liquid products). These types of tankers are considerably small compared to the other types. There are size restrictions originating from the type of the cargo. The chemical tankers have to be coated with phenolic epoxy, zinc paint or made from stainless steel.

Kitanihon Shipbuilding: At the beginning of the founding the company was constructing fishing ships and was offering ships repairing services. Later the company specialized as a shipbuilder of high specification ships (including chemical tankers).