OCTOBER 10, 2013 — Is this another example of private equity going where bankers fear to tread? The Singapore headquartered Navig8 Group yesterday reported an agreement with private equity investor Oaktree Capital Management to form "Navig8 Chemical Tankers Inc."
Navig8 Chemical Tankers Inc has placed an initial order at South Korean shipbuilder Hyundai Mipo Dockyard for six 37,000 dwt IMO2 eco-design chemical tankers for delivery in Q1 2015, together with a series of fixed price optional vessels.
Navig8 describes itself as a fully integrated provider of shipping management services and the world’s largest independent pool and commercial management company. Navig8 commercially manages a fleet of 210 vessels, including chemical tankers, product tankers, crude tankers and dry bulk vessels, from nine offices worldwide.
Los Angeles headquartered Oaktree is a leading investment manager, with $76.4 billion in assets under management as of June 30, 2013.