Stolthaven Terminals reported third-quarter operating revenue of US$54 million, compared with $55.5 million in the second quarter.
The average terminal capacity at Stolthaven’s owned terminals increased marginally to 1.61 million cbm, as a result of new capacity at Moerdijk. Overall utilisation slipped to 86.7 percent from 87.5 percent, reflecting the expiration of a customer contract at a terminal in Australia. Total product handled increased by 6.9 percent, though average storage and throughput revenue per cubic meter of leased capacity per month fell by 1.6 percent.
Operating profit was $6.4 million, down from $14.3 million in the second quarter. The decline in operating profit for the quarter was largely attributable to a $4.3 million impairment of goodwill in New Zealand and $1.1 million in accelerated depreciation of certain terminal assets, which related to the pending expiration of land-lease contracts for terminal facilities in Auckland. Operating results for the quarter were also held down by lower income at Houston, as a result of higher maintenance costs and actions to improve efficiency. Equity income from the Company’s non-consolidated joint-venture terminals was essentially unchanged, compared with the second quarter.
Following the explosions at Port of Tianjin on 12 August all local terminals, including Stolthaven’s joint-venture terminal near Tianjin (Lingang), were required temporarily to cease operations. The firm subsequently received approval to reopen the jetty, but the terminal’s operating licenses have not yet been renewed.
