The tanker shipmanagement, shipping pool manager and commercial management company, Navig8, has announced the formation of a new vehicle - Navig8 Product 2020.
Navig8 Product 2020 is to be a vehicle for eight 110,600 DWT scrubber fitted LR2 product tankers on order from New Times Shipbuilding.
The first LR2 assigned to Navig8 Product 2020 is Navig8 Pride LHJ, which will be commercially managed in the Navig8 Alpha8 Pool.
Navig8 Pride LHJ and the sister-ships have a total value of around US$300M (according to industry analysts VesselsValue), which is sufficiently large to grab the attention of investors.
It is speculated the Navig8 Product 2020 may be launched as an IPO on the back of the impending 2020 global sulphur cap. However, there are no filings in the name “Navig8 Product 2020” in New York or Oslo, the most likely candidates for an IPO launch.
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