NIBC in club deal to finance tankers for Navig8

Corporate News -

NIBC´s Shipping & Intermodal team entered into a USD 254 million club deal for Navig8 Product Tankers Inc., providing post-delivery financing for eight product tankers – vessels that transport refined oil products either between refineries or to the end-user.

Navig8 Product Tankers is listed on the Norway OTC exchange and its fleet is commercially and technically managed by the Navig8 Group, one of the world’s largest independent pool and commercial management companies, managing a variety of vessels in the drybulk, product, crude and chemical sectors. The vessels will be placed in the Alpha8 LR2 Pool.

The vessels are medium-sized long-range 2 (LR2) eco design product tankers, capable of carrying a dead weight tonnage of 115,000 dwt. South Korean company Sungdong is building the ships, which will be delivered in 2015 and 2016.

NIBC closed the club deal together with other European banks including DVB Bank, BNP Paribas, Credit Agricole Corporate and Investment Bank and Swedbank. 

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