Navigator Holdings finished the second quarter in the red yet again thanks to Venezuelan sanctions.
The New York-traded, London-based gas carrier owner reported a $7.7m loss after the close Thursday, more than double the $3.1m loss reported for the same period last year with revenues dropping slightly year-over-year to $73.2m from $73.6m.
The performance was a $0.14 loss on a per share basis, $0.10 deeper than the $0.04 loss per share expected by Wall Street.
In the first quarter, the company also booked a loss, thanks to six handysize ships being put back onto the market due to sanctions against Venezuelan state oil company PDVSA, holding down rates and profits.
"Such an increase in the supply of ships, especially in a segment with a total of 118 vessels on the water and with more than half trading under time charters, has restricted handysize market rates from increasing alongside other sectors," the company said.
"Continued European chemical plant turnarounds reduced traditional long-haul petrochemical exports to Asia and the import of U.S. ethylene which typically heads trans-Pacific, cutting handysize-ton mile demand."
Navigator did note that VLGC rates have shot up to rates not seen since 2015, with rates for medium-sized ships to follow.
Navigator closed trading Thursday up $0.12, or 1.2%, to $10.10.
