Navig8 Chemical Tankers reports results for H12017
Navig8 Chemical Tankers Inc., an international shipping company focused on the transportation of chemicals, has announced its unaudited financial and operating results for the three and six months ended June 30, 2017.
Highlights
• Generated revenue of $38.4 million and net loss of $3.6 million, or $0.09 per share, for the three months ended June 30, 2017.
• Continued growth of the Company’s operating fleet w ith the delivery of two 25,000 DWT stainless steel chemical tankers, Navig8 Spica and Navig8 Sceptrum.
• Entered into sale and leaseback agreements for four 25,000 DWT stainless steel chemical tankers for net proceeds of approximately $141 mill ion.
• Increased vessel operating days by 41.5% to 2,689 f or the three months ended June 30, 2017 compared to the same period in the prior year.
The Company has entered into contracts to acquire 32 modern, fuel-efficient newbuilding chemical tankers. As of the date of this press release, 31 of these vessels have been delivered and are in operation. The remaining vessel is scheduled to be delivered in the third quarter of 2017. Upon their respective deliveries, the Company’s vessels have and will be deployed in commercial pools managed by the Navig8 Group, including the Chronos8, Delta8 and Stainless 8 pools.
For the three months ended June 30, 2017, the Company reported net loss of $3.6 million, or $0.09 per share, compared to the net income of $9.6 million f or the three months ended June 30, 2016. The 3 decrease in net income is mainly attributable to lower gross average daily time charter equivalent ("TCE") 1 rates achieved in the three months ended June 30, 2 017 compared to the same period in prior year. Revenue for the three months ended June 30, 2017 was $38.4 million, compared to revenue of $39.9 million for the three months ended June 30, 2016. The total number of vessel operating days for the three months ended June 30, 2017 increased by 789 to 2,68 9 compared to the same period in the prior year.
About Navig8 Chemical Tankers Inc.
Navig8 Chemical Tankers Inc. was established in 2013 as a joint venture between the Navig8 Group and funds managed by Oaktree Capital Management to capi talize on significant structural changes in the petrochemical industry and the continuing development of long-haul chemical trades. Its best-in-class newbuilding fleet is comprised exclusively of large, fuel-efficient vessels with modern eco-designs to take greatest advantage of these shifts. The fully delivered fleet will feature a complementary mix of primarily Interline-coated and stainless steel vessels that a re capable of servicing the full range of conventio nal and specialized chemicals cargoes. The Company has taken delivery of 31 chemical carriers and anticipates delivery of its full 32-vessel fleet in the third quarter of 2017. The Company’s fleet is contracted to operate in various chemical tanker pools managed by the Navig8 Group, the world’s largest in dependent pool and commercial management company. Navig8 Chemical Tankers Inc. is listed on the Norwe gian OTC market under the symbol CHEMS.