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Navig8 secures financing for new purchases

Product tanker operators Navig8, part of Navig8 Group, has secured credit facilities for USD 64.3 million which will be used to purchase newbuildings from the STX shipyard in South Korea.

Photo: Navig8

Crédit Agricole Corporate and Investment Bank will provide USD 64.3 million in credit facilities to product tanker carrier Navig8 for its first two 74,000 dwt newbuildings in a series of eight similar vessels, reports World Maritime News.

The loans will cover 65 percent of the contract price on the two LR1 type vessels. The contract with South Korean yard STX Offshore and Shipbuilding was signed back in March 2014 and was worth USD 580 million at the time.

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