Brief: Stolt-Nielsen Q1 net profit slightly below forecast, sees better chemical tanker market in 2018

Stolt-Nielsen

06/04/2017 07:20

April 6 (Reuters) - Stolt-Nielsen Ltd  SNI.OL : 
    * q1 net profit $15.2 million (Reuters poll $17 million) vs 
$31 mln in Q1 2016 
    * q1 revenues $475.7 million (Reuters poll $480 million) vs 
$464 mln in Q1 2016 
    * q1 operating profit $48.4 million (Reuters poll $49.6 
million) vs $58 mln in Q1 2016 
    * Chemical tanker orderbook is shrinking and we are seeing 
at least some evidence that market is now bottoming out 
    * Rest of this year will still be a challenge, but we 
anticipate an improvement in chemical tanker market once 2017 is 
behind us 
    * Stolthaven's first-quarter results were in line with our 
expectations, as we continue long-term improvements we are 
making in this business 
    * Stolt tank containers' top-line performance was down, 
consistent with seasonal patterns, while operating income 
reflected continued impact of price competition, though we 
believe we are near bottom 
    * At stolt sea farm, wild catch rose in q1, increasing 
supply, pushing market prices down and, as a result, driving up 
both inventories and fair value losses 
    * Downward slide in chemical tanker market that we observed 
in second half of last year continued during q1. Newbuilding 
deliveries drove down spot rates, while rising bunker prices ate 
into margins 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nGNE52ww3 
Further company coverage:  SNI.OL  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))