Stolthaven Terminals has reported healthy second quarter financial results as operating profit increased from $18 million to $19.7 million.
The Stolt-Nielsen division reported second-quarter revenue of $63.1 million – essentially unchanged from $63.3 million in the first quarter – reflecting continued stability in most markets.
Revenue was up €1 million, excluding the rail transportation business, which was sold in April 2019, mainly reflecting higher services revenue in the US. Equity income in the second quarter decreased by $0.3 million, mainly because of lower utilisation at the division's joint venture terminal in Antwerp, partially offsey by the impact of higher utilisation at the joint venture terminal in Ulsan, South Korea.
Stolt-Nielsen CEO Niels G. Stolt-Nielsen says: 'Stolt-Nielsen Limited's second-quarter results were essentially unchanged from the first quarter as the chemical tanker market appears to have bottomed out.
'Results at Stolt Tankers were held down by an estimated $5.0 million negative impact resulting from the fire at the ITC terminal. Stolthaven continued to perform in line with expectations, driven by terminal expansions and ongoing operational and commercial improvements.
'At Stolthaven, we expect continued gradual improvements in performance, as a result of a strong US market, combined with terminal expansions and enhanced operational efficiencies.'
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