Navig8 Chemical Tankers experiences rising rates

Feb 02 2018

Navig8 Chemical Tankers generated revenue of $43.3 mill and suffered a net loss of $3.7 mill for the three months ended 31st December, 2017.

“The chemical tanker market began to show signs of improvement in the fourth quarter led by stronger demand in the chemical sector and tightening in the MR product tanker market,” said CEO Nicolas Busch. “With our fleet fully delivered, we are pleased to have generated sequential increases in revenues and operating income and believe we are well positioned as fleet growth for larger vessels begins to slow and chemical tanker demand continues to increase.”


All of the company’s vessels are deployed in commercial pools managed by the Navig8 Group, including the Chronos8, Delta8 and Stainless8 pools, except for one vessel, which is commercially managed by Navig8 Group and has been employed on a timecharter since December, 2017. T


Revenue for 4Q17 was $43.3 mill, compared to $33.9 mill for 4Q16. The total number of vessel operating days for the quarter increased by 453 to 2,921, compared to the same time period in the previous year.


TCE rates earned by the A-Class, V-Class, T-Class and S-Class vessels for the period were $14,885, $15,619, $17,084 and $15,070 per day, respectively, compared with $13,928, $13,959, $14,849 and $15,404 per day, respectively, during the same period of 2016.


The company had 32 vessels operating during the 4Q17, out of which 31 vessels operated in pools, from which they derive TCE revenue.


Vessel operating expenses were $20.1 mill for 4Q17, an increase of $4.6 mill from 4Q16, when Navig8 Chemical Tankers had only taken delivery of 28 vessels, compared to 32 vessels as at 31st December, 2017.


Average fleet operating costs per day, including technical management fees, were around $6,208 per day for the quarter, which was $515 higher than recorded in 4Q16.


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