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Navig8 Chemical takes dive in Q3

Less cargo and growing competition dragged down the bottom line for Navig8 Chemical Tankers in the third quarter of the year, while new vessels boosted revenue. The carrier is optimistic about market prospects beyond 2016.

Photo: Navig8

Navig8 Chemical Tankers, which is part of the Navig8 group and listed on the OTC exchange in Oslo, struggled in the third quarter with a continued challenging market for the transport of chemicals.

The season for refinery maintenance resulted in fewer cargoes of chemicals and Clean Petroleum Products (CPP), which, along with increasing competition, pulled Navig8 Chemical's' net result down to USD 3.6 million in the third quarter, compared to USD 9.6 million in the same period 2015.

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