Stolthaven Terminals is experiencing gradual improvements in its performance despite reporting a decline in its operating profit.
In its second quarter financials, it reported an operating profit of $20.2 million, down from $25.9 million in the first quarter, however it reported a second-quarter revenue of $63.9 million compared to $62.5 million in the first quarter.
Equity income from the company's joint venture terminals decreased by $7.1 million in the second quarter, mainly reflecting the $8.2 million of additional first-quarter equity income resulting from a reduction of deferred tax liabilities at the company's joint venture terminal in Antwerp.
Storage and throughput revenue was essentially unchanged in the second quarter and utilisation increased slightly thanks to improvements in Houston, New Orleans and Singapore, and stable overall demand for chemicals worldwide.
Niels G. Stolt-Neilsen, CEO of Stolt-Nielsen, says: 'Our outlook remains fundamentally unchanged. At Stolthaven Terminals, gradual improvements in performance are expected to continue, driven by higher utilisation and operational enhancements.'
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