Stolt-Nielsen 2017 results
Stolt-Nielsen has reported unaudited results for the fourth quarter ended November 30th, 2017.
Net profit attributable to shareholders in the fourth quarter was $1.1m, with revenue of $506.8m, compared with a net profit attributable to shareholders of $18.5m, with revenue of $513.8m, in the third quarter of 2017.
Fourth-quarter 2017 results included one-time impairments totalling $15.3m. Net profit attributable to shareholders for 2017 was $50.3m, with revenue of $1.9bn, compared with net profit attributable to shareholders of $113.1m, with revenue of $1.8bn, in 2016.
Stolt Tank Containers reported an operating profit of $17m, up from $14.8m, driven by stronger markets, increased demurrage revenue and improved margins.
Stolt Tankers reported an operating profit of $20.4m, down from $34.4m, mainly reflecting the impact of lower contracts of affreightment (COA) volume and freight rates. The quarter was negatively impacted by Hurricane Harvey, which closed the Houston ship channel, disrupted cargo operations and affected onward voyages well into the fourth quarter.
Stolthaven Terminals reported an operating profit of $5.4m, down from $16m in the third quarter. The current quarter included an $8.4m one-time impairment of assets in Stolthaven New Zealand.
Commenting on the company’s outlook, CEO Niels G. Stolt-Nielsen, said: “Our outlook for the first half of 2018 remains essentially unchanged. We do not anticipate any substantial improvement in the chemical tanker market until 2019 when the orderbook reduces and the supply/demand balance improves. For Stolthaven Terminals, we continue to expect a modest but steady improvement in results, driven by operational improvements and better utilisation. At Stolt Tank Containers, we expect continued strength in rates and margins. Stolt Sea Farm’s results were strong in December in line with holiday demand, but are expected to decline consistent with seasonal patterns in January and February, though prices are anticipated to remain at higher levels than in 2017.”
For more information visit www.stolt-nielsen.com
12th Feb 2018
