Stolt-Nielsen posts Q3 net profit of US$42.3m

Oslo-listed, international parcel tanker operator Stolt-Nielsen SA (SNSA) made a Q3 net profit of US$42.3m, compared with $40.9m in Q2. Total revenue was $522.6m, up from $504.5m. During the quarter two ships were sold for recycling, resulting in a book gain of $6.8m, compared with a Q2 book gain of $7.2m from the sale of four ships. The company's CEO, Niels Stolt-Nielsen, said: "SNSA continued to deliver solid results in the third quarter. Our performance reflected continued strength in our markets and our ability to manage rising operating costs, especially increased bunker expense. As a result of a range of actions at Stolt Tankers-including bunker hedges, contract adjustments and bunker surcharges-we recovered a significant portion of our bunker fuel cost increases in the quarter." But he cautioned: "While demand for our tanker, terminal and tank container services remained fundamentally strong in the third quarter, the turmoil in global financial markets and the signs of economic weakness, particularly in the U.S. and Europe, combined with a slowdown in Asia are causes for concern."