ingapore: Singapore’s Navig8 is expanding at a rapid rate, confirming yesterday an order for up to 12 LR1 product tankers worth $580m to be built at Korea’s STX Offshore & Shipbuilding. The deal is for eight firm ships for delivery by mid-2016 with four options.

Currently Navig8 has one owned LR1 tanker plus another eight on charter.

Navig8 Chemical Tankers, a jv between Navig8 and Oaktree Capital Management, ordered six 25,000 dwt chemical tankers at Japanese shipyard, Kitanihon Shipbuilding this January

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