World News
Lower Rates and Higher Bunker Prices Impact Stolt Tankers' H1 Results
Stolt-Nielsen Limited (Stolt-Nielsen) today, in its report of unaudited results for the second quarter ending May 31, said Stolt Tankers' operating profit was affected by lower rates and higher bunker prices.
Stolt Tankers' overall operating profit for the period was $27.6 million, compared to $28.5 million during the same period of 2016.
The group says its tanker arm's results reflect "continued softness in the chemical tanker market, as rates overall edged lower and bunker prices continued to rise."
Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, said: "at Stolt Tankers, the softening of the chemical market that we have seen since the third quarter of last year continued, but at a slower rate.
"While the demand side growth remains at historical levels, the pressure we see on rates is a result of excess supply from new ships entering the market."
In May, Ship & Bunker reported that Stolt-Nielsen's subsidiary, Stolt-Nielsen Gas B.V. (SNG), had signed an $80 million contract with Keppel Singmarine for the construction of two 7,500 cubic metre (cbm) liquefied natural gas (LNG) carriers that will be capable of ship-to-ship bunkering operations.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 641.00 | 4.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 629.50 | 2.00 | 802.50 | 6.50 |
| Fujairah | 647.50 | 2.00 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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