Increased utilisation and ongoing operational enhancements will contribute towards steady performance improvements at Stolthaven Terminals.
The terminal division of Stolt Nielsen reports first quarter revenue of $62.5 million compared to $61.4 million in the fourth quarter of 2017. Utilisation edged up and total product handled increased by12.9% in the first quarter, mainly attributed to normalisation of operations at Stolthaven Houston following Hurricane Harvey.
It reported first-quarter operating profit of $25.9 million, compared with $5.4 million in the fourth quarter. The increase mainly reflected $8.2 million of additional equity income resulting from a reduction of net deferred tax liabilities at its joint venture terminal in Antwerp in the first quarter, combined with the $8.4 million one-time impairment of assets at Stolthaven New Zealand in the previous quarter.
Growth in operating income also reflected higher equity income from Stolthaven’s joint venture terminals in Ulsan, South Korea and Lingang, China.