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May 11, 2015 Navig8 Product Tankers Inc. (the "Company") announces the sale of 3 LR2 vessels currently under construction at Sungdong Shipbuilding & Marine Engineering Co, Ltd, Korea. The vessels are scheduled to be delivered from the shipyard between June 2015 and August 2015, and the vessels will be delivered to the buyer upon delivery from the shipyard. Total sales proceeds from the transaction are USD 178.5 million. Nicolas Busch (CEO) comments: "We are very pleased to have successfully closed this transaction at a firm price that generates a substantial profit for the company. Combined with the invested equity released, this transaction further strengthens the balance sheet and is consistent with our strategy of fully funding the company in the near-term." Navig8 Group press release |
