Stolthaven Terminals has reported solid revenue and utilisation rates in its third quarter financials as storage markets remained stable.
Third quarter revenue for the terminal division of Stolt-Nielsen was $62.9 million compared with $63.1 million in the second quarter of 2019. Utilisation at its wholly owned terminals was unchanged at 91%, with average storage and throughput revenue per cubic meter up slightly.
Its third-quarter operating profit of $19.5 million included a $0.6 million gain on the sale of Stolthaven's terminal in Altona, Australia. Equity income from joint ventures increased by $0.4 million in the quarter, driven by increased utilisation at the division's joint venture terminal in Antwerp, Belgium.
Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, says: 'At Stolthaven, we expect continued improvements in our results, driven by increased capacity and enhancements in operational performance and efficiency.
'The implementation of the IMO 2020 regulations to reduce sulphur oxide emissions is now less than three months away. Based on discussions in recent contract renegotiations, we expect to recover the increase in our fuel costs through bunker-surcharge clauses, thanks to a shared understanding among all parties that it is economically unfeasible for the shipping industry to absorb these costs.'