Navig8 Chemical Tankers Inc. has returned to profit reporting a net income of USD 9.1 million for the three months ended December 31, 2015, an increase of USD 11.1 million from a net loss of USD 2 million in the corresponding period last year.
For the twelve months ended December 31, 2015, the company scored a net income of USD 20.7 million, up by USD 25.3 million from a net loss of USD 4.6 million reported in 2014.
Revenue for the quarter was USD 35.3 million, compared to no revenue in the same period in 2014.
According to Nicolas Busch, Chief Executive Office of Navig8 Chemical Tankers, the strong results come on the back of additional newbuilding deliveries as over a half of the company’s fleet has now been delivered.
“The increasing acceptance of vessels with Interline coatings among leading chemical industry participants as well as the continued increase in long-haul petrochemical trades, particularly the growing movement of methanol cargoes from the Caribbean and U.S. Gulf to Asia, has us very optimistic about our strategic position. We remain bullish on our outlook for increasing long-haul trades as additional chemical manufacturing capacity comes online in the U.S. and Middle East and China transitions from an industrial to a consumer led economy,” Busch said.
The company has entered into contracts to acquire 37 modern, fuel-efficient newbuilding chemical tankers. Until now, 20 of these vessels have been delivered and are in operation. The fleet is scheduled to be fully delivered by September 2017.