Norwegian tanker owner Stolt-Nielsen posted an unaudited net profit of $22.2 million for the three months ended August 31, a 16% decline from the $26.6 million earned in the same period the year before, the company said late Thursday.
The fall in the unaudited profit for the third quarter of the company's fiscal year (December 2010-November 2011) was attributed to a lackluster chemical tanker market, higher bunker prices and other operational costs.
Revenue in the reported quarter was $529.8 million, up 18% from $449.6 million year on year. But operating costs grew by 21% to $413.7 million from $341.8 million in the same quarter of 2010.
"Bunker fuel expense increased by $5.0 million in the third quarter [of fiscal 2010-2011], with nearly two-thirds of the cost offset by higher bunker surcharges," the company said.
"We have seen a slight firming of spot freight rates in response to higher bunker prices and other operational costs," said chief executive officer Niels G. Stolt-Nielsen.
"We have stated for some time that we do not expect a significant improvement in the parcel tanker market before 2013. That still stands, driven by the dissipating order book of chemical tankers and the lack of new orders in the works," he said.
