Stolt-Nielsen: "Poor Chemical Tanker Market in 2015"
Shipping firm Stolt-Nielsen reported a more than 50 percent drop in third-quarter net profit and said on Thursday the outlook for its chemical tankers unit remained poor with no sign of substantial improvement in 2015.
Its quarterly net profit fell to $14.6 million from $31.20 million a year earlier, beating expectations for $13 million in a Reuters poll.
"We remain concerned about the market outlook for Stolt Tankers," it said in a statement. "The orderbook for chemical tankers continues to grow in what is already a difficult competitive environment, with low volumes and significant volatility in spot rates."
"The strength of the recovery at Stolt Tankers has been below our expectations to date and looking forward into 2015 we do not foresee any signs of a substantial improvement," it added.
Copyright Reuters 2014.