UK-based Navig8 Product Tankers has increased first quarter earnings as its fleet grew.
It posted net profit of $5.8m to 31 March, up from $2.4m in 2015.
Revenue from its 10 ships was $22.9m, compared to $9.8m in 2015.
In the quarter, it took delivery of four 74,000-dwt LR1 newbuildings from STX as well as four 110,000-dwt LR2 vessels from Sungdong.
"We are pleased to report increasing revenues as we accept additional deliveries from our newbuilding programme,” said CEO Nicolas Busch.
“Greater
