Navig8 Chemical Tankers has signed sale and leaseback agreements with Bank of Communications Financial Leasing (BCFL) for four IMO2 49,000dwt Interline coated medium range tankers being built at STX Offshore & Shipbuilding.

The four vessels from South Korean shipbuilding company have contractual delivery dates ranging from the end of March 2017 to the end of June 2017.

Under the sale and leaseback agreements, BCFL will provide funding for pre-delivery as well as the delivery instalments for the tankers. The net proceeds from the transaction will total US$140m, according to the company.

The chemical tankers are slated to be delivered to BCFL on their respective deliveries from STX.

Additionally, Navig8 Chemical Tankers has entered into 10-year bareboat charters for the vessels, commencing upon their respective deliveries. The shipping company has purchase options to re-acquire the newbuilds during the charter period, with the first such option exercisable on the fourth anniversary of each vessel delivery.