Stolthaven Terminals, a subsidiary of the Netherlands-headquartered maritime player Stolt-Nielsen, has experienced a Q2 $1.9 million (1.52 million) loss in profit over Q1.
The company reported an operating profit of $13.6 million, down from $15.5 million in Q1 2010.
Stolthaven Terminals continued to perform well, though second-quarter operating profits were down slightly due to one-time items that positively affected results in the prior quarter, Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, explains. We remain concerned about the strength of the global economic recovery, and believe that any growth will, at best, be modest in the coming years. We believe some interesting opportunities will eventually surface when over-leveraged companies seek second or third rounds of waivers and or have to raise further equity in a weak and uncertain market. We are keeping our powder dry in the meantime.
Stolthaven Terminals has facilities in Santos, Brazil; Westport, Malaysia; Houston and New Orleans, US; Ulsan, South Korea; Antwerp, Belgium; and two terminals in China at Ningbo and Tianjin.