Stolt Q1 results

Stolt-Nielsen has reported unaudited results for the first quarter ending of 2017. Net profit attributable to shareholders in the first quarter was $15.2m, with revenue of $475.7m, compared with a net profit of $22.8m, with revenue of $463m, in the fourth quarter of 2016.

Stolt Tank Containers reported an operating profit of $9.0m, down from $15.1m in Q4 2016, reflecting seasonally lower revenue, continued price competition and higher depreciation. The prior quarter included gains of $1.4m related to changes in the company’s defined benefit pension and retiree healthcare plans.

In the first quarter of 2017 Stolt Tankers reported an operating profit of $28.5m, down from $30.4m in Q4 2016, reflecting continued softness in the chemical tanker market, higher bunker fuel costs and a loss on a ship sold for early recycling, partially offset by the positive impact from the JO Tankers acquisition.

Commenting on the company’s results, CEO Niels G. Stolt-Nielsen said: “Looking ahead, the chemical tanker orderbook is shrinking and we are seeing at least some evidence that the market is now bottoming out. The rest of this year will still be a challenge, but we anticipate an improvement in the chemical tanker market once 2017 is behind us.

“The integration of JO Tankers into Stolt Tankers is proceeding well. Stolthaven’s first-quarter results were in line with our expectations, as we continue the long-term improvements we are making in this business. Stolt Tank Containers’ top-line performance was down, consistent with seasonal patterns, while operating income reflected the continued impact of price competition, though we believe we are near the bottom.”

For more information visit www.stolt-nielsen.com

17th April 2017