Navig8 Chemical Tankers and CEO Jens Grønning saw a 2020 in which two extraordinary cases caused both frowns and a setback on the bottom line. The company now feels well equipped for an upturn in chemical tanker, the CEO tells ShippingWatch.
Tanker shipping company Navig8 Chemical grew its bottom line deficit further in 2020. At the turn of the year, the company canceled a series of management contracts linked to its ownership group Navig8 Group.
In 2020, Odfjell likely surpassed one billion dollars in revenue and doubled its operating result to USD 125-130 million. "We have an optimistic view of the chemical tanker market in 2021, but we're not naive," CEO Kristian V. Mørch tells ShippingWatch.
Navig8 Chemical Tankers sells four ships to state-owned Chinese bank ICBC. The transaction is a leasing agreement in which the company will lease the ships from the bank and is obligated to buy them back when their contracts expire.
Ex BP and Jellico executive Lars Dencker Nielsen sees no reason why Robert Bugbee and Emanuele Lauro's vision to conquer the product tanker market with a record-young fleet should not come true within the next couple of years. ShippingWatch has interviewed Scorpio Tankers' new commercial director.
Navig8's shareholders have voted in favor of a merger with Scorpio Tankers which will create a new giant within product tanker. The merger is now expected to be finalized Sept. 1, according to Scorpio Tankers.
Navig8 Chemical Tankers suffered a deficit of USD 3.6 million, according to the interim report for the second quarter. The market for chemical products has stabilized, albeit at lower levels, says CEO.
Not long ago, observers had little interest in Robert Bugbee as the Scorpio project looked set to fail. Now he is the man who has done what everyone is talking about in product tanker, and in an interview with ShippingWatch he calls on competitors to follow his lead.
The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.