Chembulk Tankers' finished 2018 in the red, more than doubling its loss from 2017.
According to the Connecticut-based shipowner's annual report, filed in Norway, the company lost $67.9m last year, with a slight decline in revenue and a jump in voyage expense.
In 2017, the company posted a $31m loss.
"Chemical Tanker market fundamentals deteriorated during 2018 as competition from the adjacent product tanker sector and market uncertainty caused by US-China trade tensions drove down freight rates, coinciding with a period of increasing bunker costs," the company said.
"While there was a modest seasonal uptick in the MR product tanker market in late Q4 2018, it did not meaningfully impact the chemical tanker market."
The company added that while the bunkering costs continue to be an issue, "analysts are more favourable about the medium to long-term outlook" for the sector as demand for chemical tankers is expected to at least keep pace with global GDP growth.
