Navig8 generates USD 500 million in newbuilding sales

The tanker carrier Navig8 Product Tankers Inc. is divesting newbuildings with an agreement to lease back the vessels. The deal will generate millions of dollars for the Oslo-listed carrier, according to several media.

Photo: Navig8

Navig8 Product Tankers Inc. has opted to divest eight of its LR2 newbuildings to the Chinese shipping company CSSC in a so-called "sale and lease back" deal. This means, that the carrier will divest the vessels but charter them afterwards. The advantage is that the carrier no longer owns the ships as assets, but can still operate them.

The agreement, along with another deal with the Norwegian-listed company Ocean Yield for four ships, will generate USD 500 million for the tanker carrier, which is listed on the Norwegian OTC Stock Exchange, according to several media.

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