Stolthaven Terminals achieved a slight increase in operating revenue thanks to higher storage and throughput revenue.
The company reported operating revenue of $61.4 million in its fourth quarter financials, compared with $61 million in the third quarter. However, higher storage and throughput revenue was partially offset by lower demand for steam and nitrogen services in Houston, and by lower US rail freight revenue.
It reported fourth quarter operating profit of $5.4 million, down from $16 in the third quarter. This decrease includes an $8.4 million one-time impairment of assets at its New Zealand facility, resulting from the forthcoming expiration of land leases at two sites and the impact of weaker local market conditions and lower equity income from the company's joint venture terminals in Lingang, China and in Antwerp.
Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, says: 'Stolt-Nielsen's fourth quarter results reflected the negative impact of one-time charges related to impairments and extraordinary events.
'Except for the effects Hurricane Harvey had on Stolthaven Houston, our terminal business had another steady quarter.
'Our outlook for the first half of 2018 remains essentially unchanged. For Stolthaven Terminals, we continue to expect a modest but steady improvement in results, driven by operational improvements and better utilisation.
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