Stolthaven Terminals reported an improvement in operating results as the company takes action to enhance its performance.
The segment reported an operating profit of $14.8 million, up from $13.8 million reflecting both higher utilisation and throughput volumes.
Stolthaven Terminals reported third-quarter operating revenue of $60.2 million, compared with $59.9 million in the second quarter.
There was a modest increase in overall leased capacity and product handled at most terminals. Average capacity at the company’s owned terminals rose to 1.69 million m3, with leased capacity increasing by 2.3%.
Operating results for the quarter reflected lower costs at Houston and increased utilisation and lower costs in New Orleans.
Additionally, the company joint venture terminal in Lingang, China recently received approvals to resume full operations, after having been shut down along with many other facilities following the Tianjin explosion in August 2015.
Niels G. Stolt-Nielsen, CEO, says: ‘Stolthaven Terminals continued to see an improvement in operating results for the quarter, reflecting both higher utilisation and throughput volumes, as actions to enhance Stolthaven’s performance continued to gradually take effect.
‘At Stolthaven, ongoing actions to improve performance globally are steadily yielding sustainable results in line with our expectations.’