Stolthaven still storing more

Stolthaven Terminals reports operating profit of $18.0m in the fourth quarter 2011 (three months to end November), up from $15.8m in the previous period. Full-year profit came in at $66.0m, up 16% on the $56.9m posted in 2010. Fourth-quarter operating revenue was $43.0m, compared to $35.6m in the third quarter, reflecting the impact of the acquisition of Marstel Terminals in October and the opening of the new terminal in Singapore in November. Average storage rental rates also strengthened, on the back of “firming demand”.