Despite a shift in demand for chemical transportation, Navig8 Chemical Tankers experienced a net loss increase in the fourth quarter of 2017.
The company recently released earnings report, the fourth quarter of 2017 net loss of 3.7 million US dollars, compared with the fourth quarter of 2016, a 3.6 million US dollar loss growth. Meanwhile, the company reported a net loss of $ 13.4 million in 2017, compared with a net profit of $ 20.1 million in 2016.
As of December 31, 2017, the company reported revenue of $ 43.3 million in the fourth quarter, up from $ 33.9 million in the same period of 2016. Meanwhile, fourth quarter of 2017 the company's operating income of 8.6 million US dollars, higher than the same period in 2016 of 6.2 million US dollars.
Nicolas Busch, chief executive of Navig8 Chemical Tankers, said the chemical tanker market started to show signs of improvement in the fourth quarter as the demand for chemical products increased and the market for the MR product tanker tightened. With the full delivery of the company fleet. The company is able to achieve revenue and operating income continued to grow. Meanwhile, the demand for chemical tankers will continue to increase as the growth of large-scale fleets of vessels slows down.
As of December 31, 2017, the company operated a total of 32 vessels in the fourth quarter of last year, of which 31 were deployed in joint pool operations and received periodic rental income from them. The remaining 1 vessel was managed commercially by the Navig8 Group outside the pool and has been awarded a term charter, effective from December 2017.
Founded in 2013, Navig8 Chemical Tankers is a joint venture between Navig8 Group and Oaktree Capital Management and operates 32 25,000-49,000 dwt chemical tankers.