Navig8 lands LR2 loan

Navig8 Product Tankers has secured funding for a series of eight newbuildings.

Oslo over the counter listed Navig8 Product Tankers says DVB Bank, BNP Paribas, Swedbank, Credit Agricole Corporate and Investment Bank, and NIBC Bank are all involved in the loan.

The facility will cover 65% of the contract price of the company’s first eight LR2 products tankers.

Set for delivery in 2015, the vessels are on order at Sungdong Shipbuilding & Marine Engineering in South Korea and Guangzhou Shipyard International of China.

The owner, which listed on the OTC last year, has 18 LRs and 12 LR1s to its name. It also has options on a further 12 LR1s.

President Nicolas Busch could not be reached for comment at the time of writing Thursday.