Despite a shift in demand in the chemical shipping sector, Navig8 Chemical Tankers ended the fourth quarter ended 31st December, 2017 with a widened net loss of USD 3.7mln. Revenue for 4Q17 was $43.3 mill, compared to $33.9 mill for 4Q16.
“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,” Nicolas added.
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 time-charter out since December 2017.
Company’s fleet is composed of 18 Interline-coated tankers built at Hyundai Mipo, Korea (A-Class vessels), all of which have been delivered and have been deployed in the Delta8 pool.
Its four Interline-coated medium range tankers (T-Class vessels) built at STX Offshore & Shipbuilding, which have been delivered and have been deployed in the Chronos8 pool.
Navig8 also has two Epoxy-coated medium range tankers built at Hyundai, Vinashin, six stainless steel tankers built at Kitanihon Shipbuilding and two stainless steel tankers built at Fukuoka (Japan).