Brief: Stolt-Nielsen Sees Chemical, Product Tankers Markets To Remain Firm

Stolt-Nielsen

11/07/2024 07:20

July 11 (Reuters) - Stolt-Nielsen Ltd  SNI.OL :
    * WITH THE TRANSIT RESTRICTIONS OF THE RED SEA CONTINUING,
ADDITIONAL SHIP CAPACITY IS BEING CONSUMED BY  THE LONGER
SAILING DISTANCES, SUPPORTING THE CURRENT STRONG FREIGHT RATE
LEVELS
    * MARKETS FOR BOTH CHEMICAL AND PRODUCT TANKERS LOOK TO
REMAIN
FIRM
    * WE HAVE SEEN SOME MORE  NEWBUILDING ORDERS DURING THE
QUARTER
FOR DELIVERY IN 2027 ONWARDS, BRINGING THE TOTAL ORDERBOOK FOR 
CHEMICAL SHIPS UP TO ABOUT 12%
    * DURING THE SAME PERIOD RECYCLING OF OLDER SHIPS WILL LIMIT
 ANY
NEGATIVE IMPACT FROM THE NEWBUILDING ORDERS ON THE SUPPLY AND
DEMAND BALANCE
    * THE CONTINUED  TIGHT MARKET AND FIRM FREIGHT RATES WILL BE
REFLECTED IN THE THIRD-QUARTER RESULTS WHEN WE EXPECT THE 
AVERAGE TCE EARNINGS TO INCREASE BY 2-4%
    * WITH THE STRONG  VOLUMES AND RESULTING RECENT IMPROVEMENT
IN
TURNS PER TANK AND UTILISATION, THE FOCUS IS NOW ON PUSHING  UP
MARGINS
    * STOLT TANK CONTAINERS CONTINUE TO SEE FIRMING DEMAND OUT
OF THE
AMERICAS AND SOUTHEAST ASIA, WITH CHINA EXPORTS ALSO PICKING UP
    * AT STOLT SEA FARM THE SUPPLY SITUATION IS FAVOURABLE AS
THE SOLE
WILD CATCH SEASON ENDED DURING THE  QUARTER

Source text for Eikon:  ID:nGNE2mXWqf 
Further company coverage:  SNI.OL 

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