Oslo-listed bulk liquid maritime transportation firm Stolt-Nielsen Limited (SNL) says its second quarter (Q2) earnings have been affected by rising bunker fuel prices.
The firm recorded net profit of $9.5 million with revenue of $541.0 million in Q2 2018, compared to net profit of $15.6 million and revenue of $500.8 million in Q2 2017.
Subsidiary Stolt Tankers reported an operating profit of $26.5 million in Q2 2018, which included a $9.2 million gain on bunker hedges.
Stolt Tankers’ bunker costs increased by $1.1 million in the second quarter – largely offset by bunker surcharges – as the average price of intermediate fuel oil consumed rose by 3.3% to $382 per tonne from $369 per tonne in the first quarter.
“At Stolt Tankers, we have thus far successfully compensated for rising bunker prices through the bunker hedge programme, but rising bunker fuel costs continue to eat into tanker earnings, as spot rates have not yet fully responded to the increased cost of bunkers,” says CEO Niels G. Stolt-Nielsen.
“Our outlook remains fundamentally unchanged. The chemical tanker market appears to have bottomed out, but rising bunker prices will continue to have a negative impact on earnings until spot freight rates begin to reflect the higher cost base.”
Photo credit: Stolthaven
Published: 12 July, 2018
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