Operating revenue and terminal capacity at Stolthaven Terminals has increased according to the company’s first-quarter 2016 financials.
Operating revenue was noted as $54.3 million, up from $52.2 million in the fourth quarter. The average terminal capacity at its owned terminals edged up to 1.64 million m3. Leased capacity and utilisation also increased slightly.
Average storage and throughput revenue per cubic metre of leased capacity per month was also unchanged, which reflects the impact of the strong US dollar in certain key markets.
The improved first-quarter results reflect the $2.1 million increase in revenue and a reduction in administrative and general expense of $600,000, mostly related to the strong US dollar.
The company’s joint venture in Lingang remains closed, except for the jetty following the Port of Tianjin explosion in August 2015. A new operating license is expected to be issued in the second half of 2016.
Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited, says: ‘Stolthaven Terminals is on the road to recovery, and we expect to see small, gradual quarterly improvements this year.
‘That said, ongoing actions to increase utilisation and enhance both profitability and operational performance are not expected to fully impact results until 2017.’