Norway’s Stolt-Nielsen Q3 net profit more than triples to $21.8m

03 October 2013 08:19  [Source: ICIS news]

SINGAPORE (ICIS)--Norway’s Stolt-Nielsen said on Thursday its net profit more than tripled to $21.8m in the third quarter of this year from $7.1m (€5.3m) in the same period a year earlier, amid improving conditions in the tankers market.

The company’s revenue rose by 1.05% year on year to $521.8m in the third quarter, while operating profit was up by 54.3% at $48.9m, the company said in a statement.

Stolt Tankers posted an operating profit of $9.0m in the third quarter, compared with a loss of $0.8m in the corresponding period in 2012, “as market conditions continued to slowly improve”, it said.

“In August, the last month of the third quarter, Stolt Tankers was profitable for the first time since 2009 — a significant milestone,” said Niels Stolt-Nielsen, the CEO of Stolt-Nielsen.

“We expect this trend to continue, but as we have mentioned repeatedly, we expect the recovery in the parcel tanker market to be long and slow,” he added.

($1 = €0.74)

By: Nurluqman Suratman

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