Stolthaven Terminals, part of Stolt-Nielsen, has reported a revenue in Q2 2021 of US$60.6 million (€51 million), up from US$58 million in Q1 2021.
Stolthaven Terminals says this is as a result of a slight increase in utilisation, from 88.4% to 90.3%, as well as higher wharfage, cleaning and railcar activities, as throughput activity increased. Operating profits have also risen, from US$15.7 million in Q1 2021, to US$18.3 million in Q2 2021. Some of the main operating expenses included the decommissioning of the terminal in Wynyard, New Zealand, and higher utilities costs. The company also reported that joint venture equity income increased by US$1.5 million compared to Q1, due to a reversal of a prior period tax charge at the terminal in South Korea. This, however, was offset by higher operating costs in its JV terminal in Belgium. Revenue for the first half of the year was down slightly at US$118.6 million, compared to US$121.4 million in the first half of 2020.
‘At Stolthaven Terminals we saw an increase in utilisation and throughput volumes, but pockets of weakness in Asia Pacific and Australia held the overall results down, says Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen.
‘With the delivery of the five CTG ships and the 2,600 newly leased tank containers, and the commissioning of additional storage capacity, the three logistics businesses are well positioned to capitalise on the pending recovery,’ he continues, adding: ‘At Stolthaven Terminals utilisation has continued to improve steadily over recent months, with an expectation that rates will follow.’
Stolt-Nielsen overall, which includes Stolt Tankers, Stolt Tank Containers and Stolt Sea Farm, reported a net profit attributable to shareholders in Q2 2021 of US$7.8 million, and a revenue of US$526.9 million. This is an increase compared Q1 2021 which saw a net profit attributable to shareholders of US$2.5 million, and a revenue of US$480.2 million.