Navig8 has exercised an option to buy the 2016-built 49,000 DWT chemical tanker Navig8 Tanzanite, currently on a long-term charter from Norway’s Ocean Yield.

Navig8 had a purchase option on the vessel after five years, and now that it has been declared, the effective purchase date is November 25.

The Oslo-listed Ocean Yield said that the price of the option is $30.7m, higher than the tanker’s value of $30.14m, according to VesselsValue.

Ocean Yield paid $40.5m for the South Korean-built vessel. The Norwegian owner will receive net cash proceeds of about $12m and intends to reinvest in new vessels with long-term charters.