Stolthaven Terminals' fourth quarter financials reflect stable operating markets, with a revenue of $61.7 million, slightly down from $62.9 million in the third quarter.
Utilisation at Stolthaven's wholly owned terminals fell to 89.4% in the fourth quarter from 91.0% in the prior period, and total product handled decreased by 7.4%. Average storage and throughput revenue per cubic meter of leased storage remained stable during the quarter.
Stolthaven reported a fourth quarter operating profit of $11.7 million, down from $19.5 million in the third quarter, mainly due to the $5.5 million impairment. Equity income from joint ventures was up marginally in the quarter, driven mainly by an increase in product handled at Stolthaven's joint venture terminal in Ulsan, South Korea.
Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, says: 'Stolthaven's result decreased in the quarter, mainly due to the $5.5 million write-off of capitalised expenses at the Stolthaven Newcastle terminal and market softness, particularly in Asia-Pacific.
'At Stolthaven, despite the recent market softness and the effects of the US-China trade dispute, we expect improvements in operational performance to continue to strengthen results.'
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