History
November 2003: Establishment of FR8 Group
In 2003 FR8 was established by former senior management of Glencore Tanker Shipping as a JV with Projector Ltd, a prominent oil trader who provided a core volume of cargoes and access to attractive TC opportunities. FR8 has been the fastest growing and most dynamic freight (tanker) trading company during the last four years.
February 2007: Sale of FR8’s shipping assets
M&A activity within the group resulted in the Management selling its asset interests to Projector, while maintaining the full ownership and control in the management companies; The management arms of the group Navig8 Europe (previously FR8 Logistics), Navig8 Asia (previously FR8 Services) continue their operations uninterrupted. The Management buys FR8 Shipmanagment, which is renamed Navig8 Shipmanagement and enters into an exclusive commercial management agreement with Projector with regard to its fleet (the FR8 fleet) and its cargo chartering requirements.
March 2007: Establishment of Navig8 Group
Navig8 Limited, Jersey, is incorporated with an initial equity injection of approx. $50 million and consolidates under it all group companies. Navig8 Limited is currently owned by the group’s Management.
February 2008: Expansion of Capital Base
In February 2008 Navig8 achieves its objective of enhancing its capital base with strategic investors. As a result, Frontline and Touradji are now fully paid investors in Navig8 with minority stakes.