New Ships Drive Navig8 Chemical Tankers’ Income Up

Image Courtesy: Navig8 Chemical Tankers

Navig8 Chemical Tankers, a joint venture between the Navig8 Group and Oaktree Capital Management, reported its net income at USD 9.6 million, against a net income of USD 2.9 million seen in the three months ended June 30, 2015. 

The increase in net income is mainly attributable to the larger size of the company’s fleet, as Navig8 Chemical Tankers continues to take delivery of its newbuilding program.

Revenue for the three months was USD 39.9 million, compared to USD 14 million recorded in the same period a year earlier.

“The chemical tanker market softened in the second quarter, driven by typical seasonality that was exacerbated by a weak CPP environment,” Nicolas Busch, Chief Executive Officer of Navig8 Chemical Tankers said.

Three vessels joined Navig8 Chemical Tankers’ fleet during the quarter, the 49,000 DWT IMO2 Interline-coated chemical tanker Navig8 Turquoise, the 25,000 DWT stainless steel chemical tanker Navig8 Sirius, and 49,000 DWT IMO2 Interline-coated chemical tanker Navig8 Topaz, which was delivered in July.

Furthermore, the company secured USD 286.2 million to finance its newbuilding program.

The company still has 14 vessels on order, all off which are scheduled to join their owner by September 2017. Once delivered, the new ships will be deployed in commercial pools managed by the Navig8 Group, including the Chronos8, Delta8 and Stainless8 pools.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >