Navig8 Product Tankers Inc., an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Providence, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd. (“SPP”).
Product tanker Navig8 Providence under construction at SPP shipyard in Tongyeong, Korea - Image courtesy: Lappino/Shipspotting
The Navig8 Providence is the second of four vessels contracted at SPP to be delivered to the Company and is the second vessel to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing Co., Ltd (“CMBFL”) announced on March 17, 2016.
Following delivery of the Navig8 Providence by SPP to CMBFL under the terms of the assigned shipbuilding contract, the Navig8 Providence was then delivered back to the Company under bareboat charter.
The Navig8 Providence will be entered into and operated in Navig8 Group’s LR8 commercial pool.
Thus far the Company has taken delivery of ten LR1 and ten LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.