Frontline Invests in Navig8, Rumored to Plan Spin Out of ITC

Just a few weeks after announcing a strategic investment from hedge fund Touradji Capital Management, Navig8 has announced a $20 million equity injection from NY-listed Frontline Limited. In exchange for the investment Frontline will receive new share capital giving it a 15.8% stake in Navig8, valuing the new venture begin by FR8’s former management team at about $127 million. Frontline’s investment is intended to be financial, but also gives the massive VLCC and suezmax tanker company a foothold in the chemical and petroleum product market. Navig8 controls a fleet of approximately 1.4 million dwt including its newbuilding program and actively trades a timecharter fleet, owns and invests in tonnage, commercially and technically manages vessels for third parties and trades in the freight derivatives market.

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