Navig8 Product Tankers Inc. (Navig8), an international shipping company focused on the transportation of petroleum products, yesterday announced that it has taken delivery of the Navig8 Express, a 74,000 DWT LR1 tanker from STX Offshore & Shipbuilding Co., Ltd. The Navig8 Express will operate in Navig8 Group’s LR8 commercial pool.
Thus far the Company has taken delivery of six LR1 and five LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.
Navig8 Product Tankers was established in 2013 as a joint venture between the Navig8 Group and DVB Bank to capitalize on anticipated strong supply/demand fundamentals and the accelerating growth of long-haul clean and dirty oil product cargo movements, driven by increasing geographic dislocations between producers and consumers.
Navig8 Product Tankers maintains an orderbook of long-range (LR), eco-design product tankers, comprising 15 LR2 and 12 LR1 vessels. The company's fleet is contracted to operate in various product tanker pools managed by the Navig8 Group, the world's largest independent pool and commercial management company.
Navig8 Product Tankers is listed on the Norwegian OTC market under the symbol EIGHT.