Stolt's US Gulf and Brazil operations lead terminal business

30 September 2010 22:12  [Source: ICIS news]

HOUSTON (ICIS)--Stolt Nielsen's operations in Brazil and the US Gulf coast led the chemical shipper's terminal business in the third quarter, the company said on Thursday.

Utilisation at the London-based shipper's global terminals continued climbing in the quarter, rising to 97% from 95% in the previous period, pushed by increases at sites in Houston, New Orleans and Santos, Brazil, the company said.

Revenue from terminals in Houston and Santos remained in line with the prior quarter, while New Orleans reported higher revenue because of a one-time adjustment in the second quarter.

Volume at the three terminals rose 25% in the quarter to 2m cubic metres (cbm), compared with 1.6m cbm handled in the second quarter this year, Stolt said.

Profits at Stolt's terminal business, Stolthaven, accounted for more than half of the shipper's $26.6m (€19.4m) net income for the third quarter.

CEO Niels Stolt-Nielsen said the Stolthaven's performance reflected "sustained demand for storage in our key markets worldwide."

($1 = €0.73)

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By: Lane Kelley
+1 713 525 2653



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