Navig8 Product Tankers announced that it has taken delivery of the Navig8 Steadfast, a 110,000 DWT LR2 tanker, from Sungdong Shipbuilding & Marine Engineering Co., Ltd. (“Sungdong”).
The Navig8 Steadfast is the third vessel to be delivered under the sale and leaseback arrangements entered into with Ocean Yield ASA (“Ocean Yield”) announced on July 13, 2015. Following delivery from Sungdong, the Navig8 Steadfast was delivered to Ocean Yield under the terms of the Sale MOA and then delivered back to the Company under bareboat charter.
The Navig8 Steadfast will be entered into and operated in Navig8 Group’s Alpha8 commercial pool.
Thus far the Company has taken delivery of six LR1 and six LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.