Navig8 Chemical Tankers Sinks Further into Red

TankerIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Navig8 Chemical Tankers sank deeper into loss in the second quarter of 2018 due to lower gross average daily time charter equivalent (TCE) rates.

Net loss widened to USD 5.7 million for the three months ended June 30, 2018, compared to a net loss of USD 3.6 million seen a year earlier. The change is mainly attributable to lower gross average daily TCE rates achieved by the A-Class and S-Class vessels, partially offset by an increase in total operating days compared to the same period in the prior year, and year-on-year increases in vessel operating expense, depreciation and interest expense.

The TCE rates earned by the A-Class, V-Class, T-Class and S-Class vessels for the three months ended June 30, 2018, were USD 13,451, USD 14,299, USD 15,658 and USD 15,184 per day, respectively.

The company’s revenue for the quarter reached USD 40.4 million, rising from USD 38.4 million reported in the same period in 2017. The total number of vessel operating days for the three months ended June 30, 2018 increased by 202 to 2,891 compared to the same period in the prior year.

“While there was a noteworthy level of chemical and product market movements out of the Middle East, combining both COA-related and spot volumes, weaker activity levels in other core trading regions resulted in an unremarkable chemical tanker market in the second quarter,” Nicolas Busch, Chief Executive Officer of Navig8 Chemical Tankers, said.

“We expect the Middle East market to remain relatively firm in the near-term. Coupled with some positive early signs of market improvement in the third quarter, significant new petrochemical infrastructure demand emerging in the US Gulf and demonstrably low orderbook growth, we are constructive on the earnings landscape for the company over the balance of the year.

All the Company’s vessels are deployed in commercial pools managed by Navig8 Group except for one S-Class Vessel, which is commercially managed by Navig8 Group and has been employed on time charter to a third party since December 2017.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 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 31 1 2 3

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

The 5th CWC China LNG & Gas International Summit

Gain Access to Global LNG & Gas Decision Makers in China

Take a peek inside our 2019 Introductory Brochure and stay on top of this rapidly developing market.

See who is already working with us this year as Speakers, Sponsors and Partners – download your Preview Brochure today and meet them in Beijing on 15-16 October 2019.

As the world’s second largest LNG importer, China will remain the biggest contributor to global LNG demand growth in the foreseeable future. Network with global LNG & gas decision makers, buyers, NOCs and Government Officials at the industry’s leading international event in China.

More info

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >