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Navigator Gas Q2 profits up 34%

Navigator Gas Q2 profits up 34%
Navigator Gas reported a 33.8% jump in net profit to $26.3m in the second quarter of 2015.

The LPG carrier owner saw the 33.8% increase profits on the back of a 10.6% improvement in revenues to $84.6m in the second quarter of the year.

The company said that it had sold one of its vessels the Navigator Mariner for $32.6m on 3 August, which will give it a fleet of 27 vessels on the water. Navigator Gas has a further 10 newbuildings on order.

The company’s third quarter results could take a hit from loss of hire on the Navigator Aries which is undergoing repairs following a collision of 28 June. Navigator Gas said it does not have loss of hire insurance and as a result lost income during repairs may not be recoverable.

TAGS: Tankers