Stolt-Nielsen Limited reported a third-quarter net profit of $29.2 million (€24.6 million) for the year ending August 31.
The company revealed latest revenues of $474 million (€403 million), compared with a net profit attributable to shareholders of $3.6 million (€3 million), with revenue of $503.5 million (€427 million), in the second quarter of 2020.
Stolt Tankers reported lower bunker costs and improved results from bunker hedging more than offset a reduction in revenue, which was mainly due to fewer operating days and lower freight rates driven by the lower bunker prices.
Stolthaven Terminals reported an operating profit of $22.7 million (€19.3 million), up from $19.2 million (€16.3 million).
Underlying business performance improved slightly, while one-off losses in the second quarter and gains in the third quarter added to the improvement in results.
Niels G. Stolt-Nielsen, chief executive officer of Stolt-Nielsen Limited, said: “During the third quarter all of our divisions generated improved results in the face of continued challenges brought on by the COVID-19 pandemic.
“While the global economic outlook remains uncertain, we are cautiously optimistic about the fourth quarter and beyond, based on the contract portfolio we have secured across our three logistics businesses.
“Stolt Tankers’ continuing focus on efficiency initiatives is starting to have a positive impact.”
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