Newly-established product tanker company Navig8 Product Tankers Inc has taken delivery of an LR1 74,000 dwt product tanker, the Navig8 Expedite, from the South Korean shipbuilder STX Offshore & Shipbuilding Co, Ltd.
Navig8 Expedite in Chinhae, South Korea, January 2016 Image by lappino / Shipspotting
The vessel will be entered into and operated in the LR8 commercial pool operated by the Navig8 Group.
Navig8 Product Tankers has so far added three LR1 and two LR2 product tankers newbuildings to its fleet.
Navig8 Product Tankers recently entered into an amended loan facility for USD 128.5 million with Credit Agricole Corporate and Investment Bank (CACIB) and BNP Paribas to provide additional financing for LR1 74,000 DWT product tankers being built at STX Offshore & Shipbuilding Co. Ltd.
The company, which maintains an orderbook of LR, eco-design product tankers, comprising fifteen LR2 and 12 LR1 vessels, expects that its remaining newbuilding fleet will be delivered by the end of 2016.