OREANDA-NEWS. Navig8 Product Tankers Inc. (the "Company") (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today announced that it has taken delivery of the Navig8 Pride, a 74,000 DWT LR1 tanker from SPP Shipbuilding Co., Ltd. ("SPP").

The Navig8 Pride is the first of four vessels contracted at SPP to be delivered to the Company and is the first vessel to be delivered under the sale and leaseback agreements entered into with CMB Financial Leasing Co., Ltd ("CMBFL") announced on March 17, 2016. Following delivery of the Navig8 Pride by SPP to CMBFL under the terms of the assigned shipbuilding contract, the Navig8 Pride was then delivered back to the Company under bareboat charter.

The Navig8 Pride will be entered into and operated in Navig8 Group's LR8 commercial pool.

Thus far the Company has taken delivery of nine LR1 and eight LR2 product tanker newbuildings and anticipates that its entire newbuilding fleet will be delivered by the end of 2016.

About Navig8 Product Tankers Inc. 

Navig8 Product Tankers was established in 2013 as a joint venture between the Navig8 Group and DVB Bank to capitalize on anticipated strong supply/demand fundamentals and the accelerating growth of long-haul clean and dirty oil product cargo movements, driven by increasing geographic dislocations between producers and consumers.

Navig8 Product Tankers maintains an orderbook of long-range (LR), eco-design product tankers, comprising 15 LR2 and 12 LR1 vessels. The company's fleet is contracted to operate in various product tanker pools managed by the Navig8 Group, the world's largest independent pool and commercial management company.

Navig8 Product Tankers is listed on the Norwegian OTC market under the symbol EIGHT.

Forward-Looking Statements and Distribution 

This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Navig8 Product Tankers Inc (the "Company") management's examination of historical operating trends. Although the Company believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.