Brief: Stolt-Nielsen Q2 lags forecast; chemical tanker market won't improve until H2 2018

Stolt-Nielsen

06/07/2017 07:15

July 6 (Reuters) - Stolt-Nielsen Ltd  SNI.OL : 
    * Stolt-Nielsen q2 net profit $15.6 million (Reuters poll 
$21.7 million) 
    * Stolt-Nielsen q2 operating profit $51.6 million (Reuters 
poll $56.2 million) 
    * Stolt-Nielsen q2 revenues $500.8 million (Reuters poll 
$483 million) 
    * At stolt tankers, softening of chemical market that we 
have seen since q3 of last year continued, but at a slower rate 
    * While demand side growth remains at historical levels, 
pressure we see on rates is a result of excess supply from new 
ships entering market 
    * Results at stolthaven terminals were much in line with 
prior quarter, with actions to improve sustained long-term 
performance continuing 
    * Bright spot in quarter was stolt tank containers, which 
reported much improved results, up from seasonally weak q1 
    * Stolt-Nielsen - we do not expect a significant improvement 
in chemical tanker market until most of current orderbook has 
been delivered, which, barring any new orders, is expected to be 
in second half of 2018 
    * For stolthaven terminals, we expect gradual improvements 
in earnings going forward, and for stc (stolt tank containers) 
we expect market conditions in line with those of this latest 
quarter 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nGNE3Hly88 
Further company coverage:  SNI.OL  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))