Steady improvement in performance driven by increased utilisation and ongoing operations enhancements are expected at Stolhaven Terminals, a division of Stolt-Nielsen.
Stolthaven Terminals reported an operating profit of $25.9m in Q1 2018, up from $5.4m in Q4 2017. The fourth quarter included an $8.4 million impairment of assets, while first-quarter joint-venture income included an $8.2 million gain from a reduction in deferred taxes. Excluding these one-time items, operating income increased by $3.9m.
“Excluding one-offs, Stolthaven continued its steady improvement in performance,” commented Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited
Parent company Stolt-Nielsen Limited reported a net profit of $38.7m in the first quarter, with revenue of $515.3m, compared with a net profit of $1.1m, with revenue of $506.8m, in the fourth quarter of 2017.
“SNL’s first-quarter underlying operating performance was largely in line with expectations, reflecting the surge in bunker prices that we have experienced lately, but excluding the impact of one-time items in both quarters,” said Niels.
“Looking ahead, the fundamentals remain unchanged. While the chemical tanker market appears to have bottomed out, we are unlikely to see any meaningful improvement until next year, as the orderbook shrinks and new deliveries are absorbed in the market. At Stolthaven Terminals, we expect continued slow, but steady improvements in performance driven by increased utilisation and ongoing operational enhancements. At Stolt Tank Containers, the outlook is positive as global tank container demand continues to grow. For Stolt Sea Farm, results are expected to improve, with sustained strength in pricing driven by efforts to expand our markets.”
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18th Apr 2018