Navig8 bags chem cash

Navig8 Chemical Tankers has closed its first debt financing facility to complete the funding of its orderbook at Hyundai Mipo Dockyard.

The shipowner said it has now financed all 18 of its IMO II handysize newbuildings contracted at the South Korean yard.

Navig8, which is listed on Oslo’s over-the-counter (OTC) market, said the loan of $390.4m covers about 60\% of the contract price of the vessels.

The shipowner has previously stated that the original contract price on the 18 37,000-dwt units runs to $634.5m.

The funds were secured from Credit Agricole, ABN AMRO and DVB Bank as well as The Export-Import Bank of Korea.

Late last year Navig8 said it was spending more than $23m to upgrade the coatings on the eco-newbuildings by applying Interline 9001.

Separately, Navig8 Chemical Tankers said it had taken delivery of the first of two 49,000-dwt chemical tankers built at Hyundai Vinashin Shipyard.

The Navig8 Victoria was acquired under a resale purchase agreement with agribusiness group Wilmar. The second vessel is due for delivery from Vinashin in March 2015.

The company also said it has taken delivery of the Navig8 Almandine, the first of the eighteen chemical tankers contracted at HMD.

Both vessels will enter Navig8’s pools, Navig8 Victoria the Chronos8 Pool and Navig8 Almandine the Delta8 Pool.

source:www.tradewindsnews.com