Norwegian shipowner Ocean Yield ASA has taken delivery of the LR2 product tanker Navig8 Steadfast from South Korean shipbuilder Sungdong Shipyard.

After being delivered from the shipyard, the 110,000dwt vessel commenced a 13 years "hell and high water" bareboat charter to Navig8 Product Tankers Inc.

This is the third vessel delivered in a series of total four product tankers that will be chartered to Navig8 Product Tankers Inc.

The previous two LR2 tankers, Navig8 Symphony and Navig8 Sanctity, were delivered to Ocean Yield in February and March of 2016, respectively.

Upon delivery, the vessels also commenced 13-year bareboat charters with Navig8.

Ocean Yield expects to take delivery of Navig8 Supreme, the fourth product tanker to be chartered out to Navig8 Product Tankers, in July 2016.

In a separate announcement the company said that, during the first quarter of 2016, its net profit dropped to US$18.6m from the US$28.1m bookedin the same period a year earlier.