Recovery still a year away for Stolt Tankers

Stolt Tankers has reported fourth-quarter operating revenues of $315.5m, down from the $327.1m recorded in the prior period. Operating profit improved slightly, from $6.6m to $7.0m, reflecting lower administrative costs and a weaker Euro. Both spot and contract rates weakened during the quarter and cargo volumes were down slightly. Niels G Stolt-Nielsen, CEO of parent Stolt-Nielsen Ltd, expects demand to remain weak and has pushed back his expectation of a recovery to 2013.