Navig8 Product Tankers Inc. Reports Results for the Three and Nine Months Ended September 30, 2015

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1 NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND THE DISTRICT OF COLUMBIA) OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL Navig8 Product Tankers Inc. Reports Results for the Three and Nine Months Ended September 30, 2015 November 16, 2015 Navig8 Product Tankers Inc. (the Company ) (N-OTC: EIGHT), an international shipping company focused on the transportation of petroleum products, today announced its unaudited financial and operating results for the three and nine months ended September 30, Highlights Reported revenue of $11.9 million and a net gain of $17.8 million, or $0.51 per share, for the three months ended September 30, Realised a gain of $14 million on the sale of two vessels to an unrelated third party. Entered into a $188.1 million sale and leaseback agreement with Ocean Yield ASA ( Ocean Yield ) for four 115,000 dwt LR2 product tanker newbuildings with scheduled delivery dates ranging from January 2016 to July Entered into a $304 million sale and leaseback agreement with CSSC (Hong Kong) Shipping Company Limited for eight 113,000 dwt LR2 product tanker newbuildings with scheduled delivery dates between March 2016 and December While we take and await the further imminent initial deliveries of our newbuilding fleet, we are very pleased to report the further steps that have been taken to finance the newbuilding program. Thus far, we have closed senior debt, and sale and leaseback, financings for 17 vessels, including four in the third quarter. Our newbuilding program is substantially funded at this point, and we are in advanced discussions for financing the remaining vessels, said Nicolas Busch, Chief Executive Officer of Navig8 Product Tankers. Anticipated growth in long-haul trades resulting from new large projects in the Middle East and North America and the corresponding increase in long-haul shipping demand to reach endmarkets makes our large product tankers ideally-suited for these expanding trades. In addition, we continue to benefit from our relationship with our sponsor, the Navig8 Group, which has provided us with construction supervision, commercial and technical management, and related services since our inception. Fleet Update The Company entered into contracts to acquire 30 modern, fuel-efficient newbuilding product tankers. During the second quarter of 2015, the Company entered into an agreement with an unrelated third party to sell three (3) LR2 vessels which were under construction at Sungdong Shipbuilding & Marine

2 Engineering Co, Ltd, Korea, for total sale proceeds of $178.5 million. One of the three vessels was delivered to the buyer in the second quarter of 2015 with a realised net gain on sale of $7.0 million, and the other two vessels were delivered to the buyer in the third quarter of 2015, realizing a net gain on sale of $7.0 million per vessel. In November 2015, the Company took delivery of the NAVIG8 EXCEL, a 74,000 DWT LR1 product tanker from STX Offshore & Shipbuilding Co. Ltd. ( STX ). This was the first vessel delivered from the Company s newbuiding program. The NAVIG8 EXCEL will enter and be operated in the Navig8 Group s LR8 pool. The Company has a further 26 vessels under construction and, based on current production schedules, expects to take delivery of these vessels from Q to end Additionally, the Company has three Eco LR2 vessels on time charter operating in Navig8 Group s Alpha8 Pool. Vessel Employment and Financing Update On 12 March 2015, the Company entered into a Pool Management Revenue Share Rights Agreement with Navig8 Asia Pte Ltd. and Navig8 Limited. Pursuant to this agreement, the Company will place each of its 27 newbuilding vessels into Navig8 Group s Alpha8 and LR8 Pools upon delivery. The Company will also receive a 30% share of the net revenues derived from the commercial management of the two pools. In consideration for the Pool Management Revenue Share Rights Agreement, 336,963 shares of common stock of the Company, amounting to $4.1 million, were issued to Navig8 Ltd. at an issuance price of $12.25 per share. On 25 June 2015, the Company entered into sale and leaseback agreements with CSSC (Hong Kong) Shipping Company Limited ( CSSC ) for eight LR2 113,000 dwt product tankers being built at CSSC Offshore & Marine Engineering (Group) Company Limited ( CSSC Offshore ). The eight vessels from CSSC Offshore have scheduled delivery dates ranging from March 2016 to December The net proceeds from the transaction (after a 20% sellers credit) will be $304 million. Under the agreements, the eight vessels will be purchased by CSCC from the Company upon their deliveries from CSSC Offshore. The Company has entered into 10-year bareboat charters for the vessels, commencing on delivery. The Company has a purchase obligation to re-acquire the vessels at the end of the charter period and purchase options to re-acquire during the charter period, with the first option exercisable on the fourth anniversary of each vessel delivery. Under the sale and leaseback agreements, CSCC will also provide financing for the pre-delivery instalments for the vessels. These sale and leaseback agreements will be treated as financing transactions. As of 30 September 2015, $9.7 million has been drawn down on the pre-delivery financing facility. On July 10, 2015, the Company entered into sale and leaseback agreements with Ocean Yield for four 115,000 dwt LR2 product tankers being built at Sungdong Shipbuilding & Marine Engineering Co. Ltd, Korea ( Sungdong ). The four vessels from Sungdong have scheduled delivery dates ranging from January 2016 to July The net proceeds from the transaction (after a 5% sellers credit) are expected to be $188.1 million. Under the agreements, the four vessels will be purchased by Ocean Yield from the Company on their respective deliveries from Sungdong. The Company has entered into 13- year bareboat charters for the vessels, commencing on delivery and has purchase options to re-acquire the vessels during the charter period, with the first of such option exercisable on the seventh

3 anniversary of each vessel delivery. Under the sale and leaseback agreements, Ocean Yield will also provide financing for the pre-delivery instalments for the vessels. These sale and leaseback agreements will be treated as financing transactions. As of 30 September 2015, $39.6 million has been drawn down on the pre-delivery financing facility with Ocean Yield. In November 2015, the Company announced the closing of a $64.3 million secured commercial loan facility with Credit Agricole Corporate and Investment Bank for the first two of the Company s eight 74,000 DWT LR1 product tanker newbuildings at STX. The debt financing will cover approximately 65% of the contract price of each of these two vessels, the first of which was delivered in November Third Quarter 2015 Results The Company reported a net profit of $17.8 million, or $0.51 per share, for the three months ended September 30, Included in the net profit for the third quarter is a realised gain on sale of $14.0 million for two vessels sold in the second quarter of 2015 and delivered to an unrelated third party during the three months ended September 30, The average daily time charter equivalent ("TCE") (1) earned by our three 115,000dwt LR2 chartered in tankers in the three months ended September 30, 2015, was $43,679 per day. Vessel expenses were consistent with the previous two quarters of 2015, at $6.0 million. General and administrative expenses for the three months ended September 30, 2015 were $1.9 million. (1) Time charter equivalent, a non-us GAAP measure, is vessel revenues less voyage expenses (including bunkers and port charges but excluding pool commission). For Further Information, Please Contact: Nicolas Busch: Chief Executive Officer Rose & Company: or navig8products@rosecoglobal.com Visit our website at

4 NAVIG8 PRODUCT TANKERS INC. AND SUBSIDIARIES OTHER OPERATING DATA (Unaudited) Third Quarter 2015 Second Quarter k dwt LR2 Vessels 115k dwt LR2 Vessels Number of chartered-in vessels on the water at the end of the quarter 3 3 Total operating days Average Earnings in $ / day 43,679 29,304 Average hire in $ / day 21,858 21,856

5 NAVIG8 PRODUCT TANKERS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended 30 Sep For the nine months ended 30 Sep All in US$000, unless otherwise stated Operating revenue Vessel revenue $11,867 $3,619 $29,148 $3,869 Operating expenses Vessel expenses (6,152) (3,548) (18,192) (3,980) General and administrative expenses (1,921) (1,180) (5,576) (2,468) Total operating expenses (8,073) (4,728) (23,768) (6,448) Net operating gain/(loss) $3,794 ($1,109) $5,380 ($2,579) Other Income Interest income Interest expense Gain on sale of vessels 14,008-21,048 - Total Other Income 14, , Net profit/ (loss) $17,816 ($999) $26,537 ($2,330) Earnings per common share: Basic $0.51 ($0.03) $0.73 ($0.07) Diluted $0.51 ($0.03) $0.73 ($0.07) EBITDA: Net gain/(loss) $17,816 ($999) $26,537 ($2,330) Depreciation and amortization Interest income Interest expense EBITDA $17,802 ($1,109) $26,428 ($2,579)

6 NAVIG8 PRODUCT TANKERS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) All in US$000, unless otherwise stated Assets As of 30 September 2015 As of 31 December 2014 Current assets Cash and cash equivalents $43,155 $114,147 Trade receivables 5,531 3,644 Vessel related deposits 1,950 0 Prepaid expenses and other assets 9,627 5,070 Total current assets $60,263 $122,861 Non-current assets Vessels under construction 430, ,553 Vessel related deposits - 1,950 Total non-current assets $430,952 $286,503 Total assets $491,215 $409,364 Liabilities and shareholders equity Current liabilities Accounts payables and accrued expenses 1, Short term financing 49,269 - Total current liabilities 51, Total liabilities $51,143 $653 Shareholders equity Common stock Paid-in capital 414, ,968 Retained earnings /(deficit) 24,886 (1,651) Total shareholders equity 440, ,711 Total liabilities and shareholders equity $491,215 $409,364

7 NAVIG8 PRODUCT TANKERS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the nine months ended 30 September All in US$000, unless otherwise stated Operating activities: Net profit/(loss) $26,537 ($2,330) Adjustments to reconcile net profit / (loss) to net cash used in operating activities: Shares issued for services Gain on sale of vessel (21,048) - Changes in operating assets and liabilities: Trade receivables, prepaid expenses and other assets (2,317) (5,953) Accounts payables and accrued expenses 234 (17) Net cash used in operating activities 4,103 (8,300) Investing activities Net proceeds from sale of vessel 102,440 - Payments for vessels under construction Net cash used in investing activities (226,804) (124,800) (124,364) (124,800) Financing activities Proceeds from issuance of common stock - 94,584 Proceeds from short-term financing 49,269 - Net cash provided by financing activities 49,269 94,584 Increase in cash and cash equivalents (70,992) (38,516) Cash and cash equivalents, beginning of year / period 114, ,714 Cash and cash equivalents, end of year / period $43,155 $175,198

8 Newbuilding Fleet List Name DWT Yard Delivery Date 1 N8PT N/B (S-3080) 115,000 Sungdong Q N8PT N/B (S-3093) 115,000 Sungdong Q N8PT N/B (S-3081) 115,000 Sungdong Q N8PT N/B (S-3082) 115,000 Sungdong Q N8PT N/B (S-3083) 115,000 Sungdong Q N8PT N/B (S-3084) 115,000 Sungdong Q N8PT N/B (S-3085) 115,000 Sungdong Q N8PT N/B (H-057) 113,000 GSI Q N8PT N/B (H-058) 113,000 GSI Q N8PT N/B (H-059) 113,000 GSI Q N8PT N/B (H-060) 113,000 GSI Q N8PT N/B (H-061) 113,000 GSI Q N8PT N/B (H-062) 113,000 GSI Q N8PT N/B (H-067) 113,000 GSI Q N8PT N/B (H-068) 113,000 GSI Q N8PT N/B (S-1651) 74,000 STX Q N8PT N/B (S-1652) 74,000 STX Q N8PT N/B (S-1653) 74,000 STX Q N8PT N/B (S-1654) 74,000 STX Q N8PT N/B (S-1655) 74,000 STX Q N8PT N/B (S-1656) 74,000 STX Q N8PT N/B (S-1657) 74,000 STX Q N8PT N/B (S-1658) 74,000 STX Q N8PT N/B (S1181) 74,000 SPP Q N8PT N/B (S1182) 74,000 SPP Q N8PT N/B (S1185) 74,000 SPP Q N8PT N/B (S1186) 74,000 SPP Q Chartered-in Fleet List Name DWT Yard Built TC Expiry 1 Captain John 114,793 HHI 2014 Q Captain Paris 114,793 HHI 2014 Q Captain Spiro 114,793 HHI 2014 Q4 2016

9 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 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, Navig8 Product Tankers cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission. This communication is not for publication or distribution, directly or indirectly, in or into any state or jurisdiction into which doing so would be unlawful. The distribution of this communication may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes, should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions.