Navig8 bags six more

Navig8 Chemical Tankers has taken its newbuilding spending past $600m after firming up a second batch of options at Hyundai Mipo Dockyard.
Navig8 and Hyundai Mipo Dockyard contract signing

Navig8 and Hyundai Mipo Dockyard contract signing

The Navig8 and Oaktree joint venture says the 37,000-dwt sextet are identical to the ships ordered when the company was launched in October.

A first round of six options was added in mid November, in a contract the yard priced at KRW 222.1bn ($206.7m), with today’s deal taking the fleet to 18.

Delivery of the final six vessels in the series is scheduled for the third and fourth quarters of 2015.

In addition to its $620m spend on chemical tankers, Oslo over the counter listed sister company Navig8 Product Tankers has invested close to $1bn on newbuildings this year.

Parent Navig8 has also been tipped to be lining up a VLCC newbuilding order, which would add another $730m to the spree.

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