Shipping company Navig8 Product Tankers has taken delivery of the 74,000 dwt LR1 tanker Navig8 Precision from South Korean shipyard SPP Shipbuilding.

Navig8 Precision, the third of four vessels contracted at SPP to be delivered to the company, will be entered into and operated in Navig8 Group's LR8 commercial pool.

The tanker is the first vessel to be delivered under a US$66m secured loan facility entered into with the Singapore branch of ABN AMRO Bank in July 2016.

The loan was signed for post-delivery financing of two 74,000dwt LR1 product tankers.