Chemical tanker firm Stolt-Nielsen aims to cut debt -CEO

Stolt-Nielsen

06/07/2017 14:24

OSLO, July 6 (Reuters) -  ** Chemical tanker firm 
Stolt-Nielsen SNI.OL   aims to cut debt, CEO Niels G. 
Stolt-Nielsen said on Thursday 
  ** CEO: Debt is slightly higher than we wish   
  ** CEO: Based on the latest update, we believe that 2018 will 
be tough to reduce debt 
  ** CEO: Assumptions are based on no recovery in the chemical 
tanker market before 2019 
  ** CEO: Chemical tanker demand is good but order book of new 
vessels is too high, and equals to 16.7 pct of current fleet   
  ** CEO: Debt at end of May was $2.5 bln 
  ** CEO: After 2018 debt will come dramatically down as capex 
is reduced 
  ** Investment program in chemical tanker vessels, terminals 
and tank containers and other small investments sum up to $538 
million, of this $337 million will come in H2 2017 and 2018  
  ** Selling non-strategic assets is also an option, but there 
is no rush 
  ** Q2 results below forecast  urn:newsml:reuters.com:*:nFWN1JW0OA, nevertheless 
Stolt-Nielsen shares are up 1.8 percent vs a drop in Oslo Bourse 
main share index .OSEBX  of 0.05 pct 
 
 (Reporting by Ole Petter Skonnord, editing by Gwladys Fouche) 
 ((olepetter.skonnord@thomsonreuters.com; 0047 23 31 65 97;)) 
 
Keywords: STOLT NIELSEN OUTLOOK /DEBT