Navig8 Chemical Tankers, an international shipping company focused on the transportation of chemicals, announced its unaudited financial and operating results for the three and six months ended June 30, 2017.
Driven by lower time charter equivalent (TCE) rates, the company suffered a net loss of USD 3.6 million in the second quarter of this year, compared to a net income of USD 9.6 million posted in the same period a year earlier.
This is the third consecutive quarter Navig8 Chemical Tankers ended in loss. The company recorded a loss of USD 1.2 million 1Q 2017 and a loss of USD 3.6 million in 4Q 2016.
The company’s revenue for the three months ended June 30, 2017, stood at USD 38.4 million, compared to revenue of USD 39.9 million seen in the same quarter of 2016.
• Generated revenue of $38.4 million and net loss of $3.6 million, or $0.09 per share, for the three months ended June 30, 2017.
• Continued growth of the Company’s operating fleet with the delivery of two 25,000 DWT stainless steel chemical tankers, Navig8 Spica and Navig8 Sceptrum.
• Entered into sale and leaseback agreements for four 25,000 DWT stainless steel chemical tankers for net proceeds of approximately $141 million.
• Increased vessel operating days by 41.5% to 2,689 for the three months ended June 30, 2017 compared to the same period in the prior year.
The chemical tanker market has stabilized since the start of the year, albeit at relatively low levels, after weakening throughout 2016,” said Nicolas Busch, Chief Executive Officer of Navig8 Chemical Tankers, Inc.
“Global fleet growth has outpaced demand growth, although this is expected to change as supply growth for large chemical tankers is forecast to slow significantly over the next 12 months. The demand environment is also positive as forecasted growth is dominated by longer haul trades with strong growth in methanol imports into China.”