Navig8 Chemical Tankers delivers a loss

Nov 24 2017


For the third quarter of this year, Navig8 Chemical Tankers reported a net loss of $4.9 mill, compared to a net income of $3.7 mill for 3Q16.

The decrease was mainly due to lower gross average daily TCE rates achieved during the quarter, compared to the same period in the previous year.

 

Revenue for 3Q17 was $39 mill, compared to $35.8 mill for 3Q16. The total number of vessel operating days during the quarter increased by 675 to 2,815, compared to the same time period of 2016.

 

The TCE rates earned by the A-Class, V-Class, T-Class and S-Class vessels during the third quarter, were $14,489, $12,933, $14,133 and $13,574 per day, respectively, compared to $16,773, $17,514, $19,562 and $20,561 per day, respectively, during the same period of 2016. The company had 32 vessels operating during 3Q17, all of which operate in pools from which they derive TCE revenue.

 

Vessel operating expenses were $18 mill, an increase of $5.3 mill from 3Q16, when the company had only taken delivery of 24 vessels. Average fleet operating costs per day, including technical management fees, were around $5,850 per day for 3Q17, which was marginally higher than the average fleet operating costs per day during 3Q16.

 

During the third quarter of this year, Navig8 Chemical Tankers completed its newbuilding programme with the delivery of the 25,000 dwt stainless steel chemical tanker, ‘Navig8 Sol’.

 

“Following the delivery of our final newbuilding vessel in August, Navig8 Chemical Tankers has one of the largest, most modern fleet of chemical tankers in the world,” said CEO Nicolas Busch. “With growing demand for long haul trade and a rapidly declining rate of growth in the global fleet of large chemical tankers, market fundamentals are expected to tighten, which will provide a strong backdrop for operating our fleet.”

 

All 32 of the company’s vessels have been deployed in commercial pools managed by the Navig8 Group, including the Chronos8, Delta8 and Stainless8 pools.  



Previous: Stealthgas turns the corner

Next: Weak TCEs hit Frontline’s bottom line


Nov-Dec 2017

Gibraltar - ballast water - Hellespont