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>

<< Nov 2017 >>
MTWTFSS
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 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >