Despite a shift in demand in the chemical shipping sector, Navig8 Chemical Tankers ended the fourth quarter of 2017 with a widened net loss.
The company reported a net loss of USD 3.7 million in 2017, compared to a net loss of USD 3.6 million seen in the corresponding period a year earlier.
Net loss for 2017 stood at USD 13.4 million, against a profit of USD 20.1 million recorded in 2016.
Revenue for the three months ended December 31, 2017, was USD 43.3 million, up from a revenue of USD 33.9 million posted in the same period of 2016.
In addition, operating income stood at USD 8.6 million in the fourth quarter of 2017, up from USD 6.2 million recorded in the same period a year earlier.
“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,” Nicolas Busch, Chief Executive Officer of Navig8 Chemical Tankers, commented.
“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,” Busch added.
The company had 32 vessels operating during the three months ended December 31, 2017, out of which 31 vessels operate in pools from which they derive TCE revenue, and one vessel is commercially managed by Navig8 Group outside of the pools and has been employed on a time-charter out since December 2017.
Established in 2013, Navig8 Chemical Tankers is a joint venture between the Navig8 Group and Oaktree Capital Management which operates 32 chemical tankers in the range between 25,000 and 49,000 dwt.