Newly-established product tanker company Navig8 Product Tankers Inc has received an LR1 74,000dwt product tanker, the Navig8 Expedite, from the South Korean shipyard STX Offshore & Shipbuilding Co, Ltd.

The vessel will be operated in the LR8 commercial pool operated by the Navig8 Group.

Navig8 Product Tankers recently entered into an amended loan facility for US$128.5m with Credit Agricole Corporate and Investment Bank (CACIB) and BNP Paribas to provide additional financing for LR1 74,000dwt product tankers being built at STX Offshore & Shipbuilding Co. Ltd.