
Stolt-Nielsen This fall Profit Misses Forecasts, Sees Difficult Tanker Market
OSLO, Jan 29 (Reuters) – Shipping agency Stolt-Nielsen reported fourth quarter earnings beneath forecasts on Thursday and stated it was involved in regards to the outlook for the chemical tanker market, whilst decrease gas costs would assist operations.
Stolt-Nielsen’s fourth quarter internet revenue fell to $13.1 million from $35.2 million a 12 months earlier, coming wanting expectations for $21 million in a Reuters ballot of analysts.
“We remain concerned about the market outlook for Stolt Tankers, as the order book now stands at over 30 percent in the parcel-tanker segment and the global economic outlook is uncertain,” it stated. “With the prolonged challenging chemical tanker market, we have and will continue to challenge our cost structure.”
It added that decrease bunker prices would ultimately have a constructive influence on its outcomes however massive components of the financial savings must be handed onto contract buyer. (Reporting by Balazs Koranyi, enhancing by Terje Solsvik)
(c) 2015 Thomson Reuters, All Rights Reserved
Unlock Exclusive Insights Today!
Join the gCaptain Club for curated content material, insider opinions, and vibrant neighborhood discussions.