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Navig8 Chemical Tankers Inc. enters into a second sale and leaseback transaction with SBI
Holdings Inc for Two further 25,000 DWT Chemical Tankers
May 19, 2017 – Navig8 Chemical Tankers Inc. (the “Company”) (N-OTC: CHEMS), an international
shipping company focused on the transportation of chemicals, today announced that it has entered
into a second sale and leaseback transaction with subsidiaries of Japan-based SBI Holdings Inc (“SBI”)
for two 25,000 DWT stainless steel chemical tankers (the “Vessels”) being built by Fukuoka
Shipbuilding Co. Ltd (“Fukuoka”). BNP Paribas (“BNPP”) and Crédit Agricole Corporate and Investment
Bank (“CA-CIB”) are providing debt financing to SBI in connection with the transaction.
Under the agreements, the Vessels will be purchased by SBI from the Company on their respective
deliveries from Fukuoka. The Company has entered into ten and half year bareboat charters for the
Vessels, commencing at the time of their deliveries. The Company has purchase options to re-acquire
the Vessels during the charter period, with the first such option exercisable on or around the fifth
anniversary of each Vessel delivery. The net proceeds from the transaction to the Company will be
USD 74 million.
In connection with the above arrangements, BNPP and CA-CIB will also provide debt financing of up
to $22,940,000 to reimburse the Company in respect of pre-delivery instalments already paid to
Fukuoka for the Vessels. This pre-delivery financing will be repaid upon the delivery of the Vessels
from Fukuoka.
About Navig8 Chemical Tankers Inc.
Navig8 Chemical Tankers Inc. was established in 2013 as a joint venture between the Navig8 Group
and funds managed by Oaktree Capital Management L.P. to capitalize on significant structural changes
in the petrochemical industry and the continuing development of long-haul chemical trades. Its bestin-class newbuilding fleet is comprised exclusively of large, fuel-efficient vessels with modern ecodesigns to take greatest advantage of these shifts. The fully delivered fleet will feature a
complementary mix of primarily Interline-coated and stainless steel vessels that are capable of
servicing the full range of conventional and specialized chemicals cargoes.
The Company has taken delivery of 30 chemical carriers to date and anticipates delivery of its full 32vessel fleet by mid-2017. The Company's fleet is contracted to operate in various chemical tanker
pools managed by the Navig8 Group, the world's largest independent pool and commercial
management company.
The Company is listed on the Norwegian OTC market under the symbol CHEMS.
For Further Information, please contact:
Nicolas Busch: Chief Executive Officer + 44 207 467 5888
Rose & Company: +1 212 359 2228 or [email protected]
Visit our website at www.navig8chemicaltankers.com
Forward-Looking Statements and Distribution
This press release contains forward looking statements. These statements are based upon various
assumptions, many of which are based, in turn, upon further assumptions, including the Navig8
Chemical Tankers Inc’s management's examination of historical operating trends. Although the
Company believes that these assumptions were reasonable when made, because assumptions are
inherently subject to significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, the Company cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions.
Important factors that, in the Company's view, could cause actual results to differ materially from
those discussed in this press release include the strength of world economies and currencies, general
market conditions including fluctuations in charter hire rates and vessel values, changes in demand in
the chemicals market as a result of changes in OPEC's petroleum production levels and worldwide oil
consumption and storage, changes in the Company's operating expenses including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in the reports filed by the Company
on the Norwegian OTC trading support system.
This communication is not for publication or distribution, directly or indirectly, in or into any state or
jurisdiction into which doing so would be unlawful. The distribution of this communication may be
restricted by law in certain jurisdictions and persons into whose possession any document or other
information referred to herein comes, should inform themselves about and observe any such
restrictions. Any failure to comply with these restrictions may constitute a violation of the securities
laws of any such jurisdictions. The Company assumes no responsibility in the event there is a violation
by any person of such restrictions.