The chemical tanker, terminal and storage owner reported a net profit for the first nine months ended 31 August 2017 of $49.2m compared to $90.6m in the same period a year earlier. Revenues for the first three quarters of 2017 were up slightly at $1.49bn compared to $1.42bn a year earlier.
Hurricane Harvey impacted Stolt-Nielsen’s operations in Houston at the end of August, however, it does not expect this impact to be material. “Our tanker, terminal and tank-container operations all experienced some losses and additional costs because of the storm, though the financial impact, which is not expected to be material, will mostly be felt in the fourth quarter. Hurricane Irma had no impact on our operations,” the company said.
Looking ahead Stolt-Nielsen said the overall outlook remained unchanged. “We do not anticipate any substantial improvement in the chemical tanker market until the latter part of 2018, when the current orderbook will have been significantly reduced and the balance between tonnage supply and demand improves,” it said.
For its terminals business Stolt-Nielsen expect modest but steady improvement in business. Meanwhile its tank container business was expected to see utilisations and margins remain steady.