Navig8 Product Tankers, a joint venture between the Navig8 Group and DVB Bank, has inked sale and leaseback agreements with CMB Financial Leasing for two 74,000dwt LR1 product tankers being built at Korean shipyard SPP Shipbuilding.

The two vessels from SPP have contractual delivery dates of end May and end June 2016.

Under the agreements, CMBFL will provide funding for pre-delivery as well as the delivery installments for the vessels. The net proceeds from the transaction (after a 20% sellers' credit) will be US$76.8m, according to the company.

In addition, the company has entered into 7-year bareboat charters for the vessels, commencing upon their respective deliveries. Navig8 Product Tankers has purchase options to re-acquire tankers during the charter period, with the first such option exercisable on the third anniversary of each ship delivery.