Navig8 Chemical Tankers Inc. Reports Results for the Three Months Ended March 31, 2018

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1 NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND THE DISTRICT OF COLUMBIA) OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL Navig8 Chemical Tankers Inc. Reports Results for the Three Months Ended March 31, 2018 May 9, 2018 Navig8 Chemical Tankers Inc. (the Company ) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced its unaudited financial and operating results for the three months ended March 31, Highlights Generated revenue of $41.0 million and net loss of $4.2 million, or $0.11 per share, for the three months ended March 31, Increased vessel operating days by 11% for the three months ended March 31, 2018 compared to the same period in the prior year. Earnings have continued to move higher, particularly towards the end of the first quarter, although rates still remain under pressure said Nicolas Busch, Chief Executive Officer of Navig8 Chemical Tankers, Inc. The market improvement has been more pronounced in larger coated and stainless steel chemical tankers, a trend we expect to continue and is supported by the longer term fundamental forecast for the industry. Fleet Update All the Company s vessels are deployed in commercial pools managed by Navig8 Group except for one S- Class Vessel, which is commercially managed by Navig8 Group and has been employed on time-charter to a third party since December The Company s fleet is fully operational and comprises: Eighteen IMO2 37,000 DWT Interline-coated tankers built at Hyundai Mipo, Korea ( A-Class ); Four IMO2 49,000 DWT Interline-coated medium-range tankers ( T-Class ) built at STX Offshore & Shipbuilding Co., Ltd. ( STX ); Two IMO2 49,000 DWT Epoxy-coated medium range tankers built at Hyundai Vinashin ( V-Class ); and, Six IMO2 25,000 DWT stainless steel tankers built at Kitanihon Shipbuilding Co. Ltd and two IMO2 25,000 DWT stainless steel tankers built at Fukuoka (Japan) (together, S-Class ). 1

2 Results for the three months ended March 31, 2018 For the three months ended March 31, 2018, the Company reported net loss of $4.2 million, or $0.11 per share, compared to a net loss of $1.2 million, or $0.03 per share, for the three months ended March 31, The increase in net loss is mainly attributable to lower gross average daily time charter equivalent ("TCE") 1 rates achieved by the A-Class in the three months ended March 31, 2018, partially offset by an increase in total operating days compared to the same period in the prior year, and increases in vessel operating expenses, depreciation and interest income related to the expansion of the Company s operating fleet. Revenue for the three months ended March 31, 2018 was $41.0 million, compared to revenue of $37.9 million for the three months ended March 31, The total number of vessel operating days for the three months ended March 31, 2018 increased by 289 to 2,866 compared to the same period in the prior year. Daily TCE rates earned by the A-Class, V-Class, T-Class and S-Class in the three months ended March 31, 2018, were $14,387, $15,054, $16,003 and $15,327 respectively, compared with daily TCE rates of $15,326, $14,330, $15,725 and $14,688 respectively generated during the same period in the prior year. The Company had 32 vessels operating during the three months ended March 31, 2018, all but one of which operate in pools from which they derive TCE revenue (the other deriving time-charter revenue). Vessel operating expense was $18.8 million for the three months ended March 31, 2018, an increase of $2.9 million from the three months ended March 31, 2017, when the Company s delivered fleet totaled 29 vessels compared to 32 vessels at March 31, Average fleet operating cost per day, including technical management fees, was approximately $5,900 for the three months ended March 31, 2018, unchanged from the three months ended March 31, Depreciation expense for the three months ended March 31, 2018 was $12.4 million, an increase of $1.5 million compared to the three months ended March 31, The Company depreciates the vessels in its fleet from yard delivery. General and administrative expense for the three months ended March 31, 2018 was $1.6 million, unchanged from the three months ended March 31, Interest expense for the three months ended March 31, 2018 was $12.5 million, an increase of $1.9 million from the three months ended March 31, 2017 when the Company s delivered fleet totaled 29 vessels. Conference Call On Thursday, May 10, 2018 at 2:00PM GMT, the Company s management team will host a conference call to discuss its results for the three months ended March 31, Participants should dial into the call 10 minutes before the scheduled time using the following number: (UK Toll Free Dial In) or +44 (0) (Standard International Dial In). Please inform the operator that you wish to listen to the Navig8 Chemical Tankers Inc. conference call. A telephonic replay of the conference call will be available until May 18, 2018 by dialing (Standard International Dial In) and using access code Time charter equivalent, a non-us GAAP measure, is vessel revenues less voyage expenses (including bunkers and port charges but excluding pool commission). 2

3 Slides and Webcast There will also be a live webcast of the conference call and slide presentation, available through the Company s website ( Participants in the live webcast should register on the website approximately 10 minutes before the start of the webcast. About Navig8 Chemical Tankers Inc. Navig8 Chemical Tankers Inc. was established in 2013 as a joint venture between Navig8 Group and funds managed by Oaktree Capital Management to capitalize on significant structural changes in the petrochemical industry and the continuing development of long-haul chemical trades. Its best-in-class 32-vessel fleet exclusively comprises large, fuel-efficient vessels with modern eco-designs that take greatest advantage of these shifts and features a complementary mix of primarily Interline-coated and stainless steel vessels that are capable of servicing the full range of conventional and specialized chemicals cargoes. The Company s fleet is contracted to operate in various chemical tanker pools managed by Navig8 Group, the world s largest independent pool and commercial management company. Navig8 Chemical Tankers Inc. is listed on the Norwegian OTC market under the symbol CHEMS. For Further Information, Please Contact: Nicolas Busch: Chief Executive Officer Rose & Company: or navig8chems@rosecoglobal.com Visit our website: 3

4 NAVIG8 CHEMICAL TANKERS INC. AND SUBSIDIARIES OTHER OPERATING DATA (Unaudited) 37k dwt HMD First Quarter 2018 Fourth Quarter k dwt Vinashin 49k dwt STX 25k dwt Kitanihon / Fukuoka 37k dwt HMD 49k dwt Vinashin 49k dwt STX 25k dwt Kitanihon / Fukuoka (A-Class ) ( V-Class ) ( T-Class ) ( S-Class ) ( A-Class ) ( V-Class ) ( T-Class ) ( S-Class ) on the water at the end of the period Total operating days 1, , Average distributed Gross TCE in $ / day 14,387 15,054 16,003 15,327 14,885 15,619 17,084 15,070 Average OPEX in $ / day 5,752 6,309 5,899 6,049 6,167 6,926 6,118 6,175 4

5 NAVIG8 CHEMICAL TANKERS INC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended 31 March All in US$000, unless otherwise stated Operating revenue Vessel revenue $41,047 $37,862 Operating expenses Vessel expenses (18,776) (15,918) Depreciation (12,360) (10,901) General and administrative expenses (1,632) (1,605) Total operating expenses ($32,768) ($28,424) Net operating income $8,279 $9,438 Financial Items Interest income 16 6 Interest expense and finance costs (12,493) (10,622) Other financial items (10) (8) Net financial items ($12,487) ($10,624) Net loss ($4,208) ($1,186) Loss per common share: Basic ($0.11) ($0.03) Diluted ($0.11) ($0.03) EBITDA: Net loss ($4,208) ($1,186) Depreciation 12,360 10,901 Interest income (16) (6) Interest expense and finance costs 12,493 10,622 Other financial items 10 8 EBITDA $20,639 $20,339 5

6 NAVIG8 CHEMICAL TANKERS INC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) All in US$000, unless otherwise stated Assets Current assets Cash and cash equivalents Trade receivables Prepaid expenses and other assets Inventories Total current assets As at 31 March 2018 As at 31 December 2017 $16,888 $21,498 19,354 19,069 14,127 14,199 3,070 3,071 $53,439 $57,837 Non-current assets Restricted cash, net Total non-current assets Total assets Liabilities and shareholders equity 18,700 18,700 1,166,168 1,178,156 $1,184,868 $1,196,856 $1,238,307 $1,254,693 Current liabilities Current portion of loans 55,440 55,181 Deferred revenue Accounts payables and accrued expenses 7,074 6,824 Total current liabilities $62,765 $62,005 Non-current liabilities Long-term loans, net of unamortised debt issuance cost 752, ,582 Accrued interest expenses Total non-current liabilities Total liabilities Shareholders equity Common stock; $0.01 par value per share; 38,489,108 shares issued and outstanding as of March 31, 2018 (December 31, 2017: 38,489,108) Paid-in capital Retained earnings Total shareholders equity Total liabilities and shareholders equity 2,004 1,543 $754,187 $767,125 $816,952 $829, , ,641 17,329 21,537 $421,355 $425,563 $1,238,307 $1,254,693 6

7 NAVIG8 CHEMICAL TANKERS INC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the three months ended 31 March All in US$000, unless otherwise stated Operating activities: Net loss Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation of vessels Amortisation of deferred financing charges Changes in operating assets and liabilities: Trade receivables Prepaid expenses and other assets Inventories ($4,208) ($1,186) 12,360 10, (286) (3,077) Deferred revenue Accounts payables and accrued expenses 552 (644) Net cash provided by operating activities $9,193 $7,384 Investing activities Payments for drydock (211) - Payment for vessels under construction - (43,602) Payments for vessels - (169) Net cash used in investing activities ($211) ($43,771) Financing activities Proceeds from loans, net of debt issuance costs Repayment of loans Net cash (used in) / provided by financing activities - 27,024 (13,592) (12,314) ($13,592) $14,710 Net change in cash, cash equivalents and restricted cash (4,610) (21,677) Cash, cash equivalents and restricted cash, beginning of period 40,198 46,116 Cash, cash equivalents and restricted cash, end of period $35,588 $24,439 7

8 Fleet List as of May 9, 2018 Name DWT Yard Built Delivered 1 Navig8 Victoria 49,000 Hyundai Vinashin Navig8 Violette 49,000 Hyundai Vinashin Navig8 Almandine 37,000 Hyundai Mipo Navig8 Amber 37,000 Hyundai Mipo Navig8 Amethyst 37,000 Hyundai Mipo Navig8 Ametrine 37,000 Hyundai Mipo Navig8 Aventurine 37,000 Hyundai Mipo Navig8 Andesine 37,000 Hyundai Mipo Navig8 Aronaldo 37,000 Hyundai Mipo Navig8 Aquamarine 37,000 Hyundai Mipo Navig8 Amazonite 37,000 Hyundai Mipo Navig8 Amessi 37,000 Hyundai Mipo Navig8 Ammolite 37,000 Hyundai Mipo Navig8 Axinite 37,000 Hyundai Mipo Navig8 Azotic 37,000 Hyundai Mipo Navig8 Adamite 37,000 Hyundai Mipo Navig8 Azurite 37,000 Hyundai Mipo Navig8 Aragonite 37,000 Hyundai Mipo Navig8 Alabaster 37,000 Hyundai Mipo Navig8 Achroite 37,000 Hyundai Mipo Navig8 Turquoise 49,000 STX Navig8 Sirius 25,000 Kitanihon Navig8 Topaz 49,000 STX Navig8 Sky 25,000 Kitanihon Navig8 Tourmaline 49,000 STX Navig8 Spark 25,000 Kitanihon Navig8 Stellar 25,000 Kitanihon Navig8 Tanzanite 49,000 STX Navig8 Saiph 25,000 Kitanihon Navig8 Sceptrum 25,000 Kitanihon Navig8 Spica 25,000 Fukuoka Navig8 Sol 25,000 Fukuoka

9 Forward-Looking Statements and Distribution This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Navig8 Chemical Tankers Inc s management's examination of historical operating trends. Although the Company believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the chemicals market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company on the Norwegian OTC trading support system. This communication is not for publication or distribution, directly or indirectly, in or into any state or jurisdiction into which doing so would be unlawful. The distribution of this communication may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes, should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions. 9