Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of one 110,000 DWT LR2 product tanker, the Navig8 Supreme, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (Sungdong).
The Navig8 Supreme is the fourth vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (Ocean Yield) announced on July 13, 2015.
Following the delivery from Sungdong, the Navig8 Supreme was delivered to Ocean Yield under the terms of the Sale MOA and then delivered back to the Company under bareboat charter. The Navig8 Supreme is the last of seven vessels ordered at Sungdong to be delivered to the Company.
The vessel will be entered into and operated in the Alpha8 commercial pool operated by the Navig8 Group.
Thus far the Company has taken delivery of nine LR1 and nine LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.