Stolt-Nielsen sees broad improvements

Stolt-NIelsen Ltd has reported net profit of $37.0m on revenue of $538.8m in the second quarter, up from $8.0m and $505.7m, respectively, in the prior period.Net profit was boosted by a gain of $24.5m on insurance proceeds from the loss of the Stolt Valor after its explosion in March. Leaving this aside, Stolt Tankers did manage to turn performance around, reporting an operating profit of $4.5m in the second quarter as against an operating loss of $8.6m in the first quarter.

Stolt-Nielsen has also reported underlying improvements in its tank terminal, tank container and gas shipping divisions. CEO Niels G Stolt-Nielsen notes that Stolt Tanker enjoyed improved COA freight rates and higher utilisation, while Stolthaven Terminals and Stolt Tank Containers both reported solid results.