zoomImage Courtesy: Stolt-Nielsen

Oslo-listed shipowner Stolt-Nielsen has reported a net profit of USD 113.2 million for 2016, down from the net profit of USD 133.1 million seen in the previous year.

The company’s revenue for the full year stood at USD 1.87 billion, compared with a revenue of USD 1.98 billion in 2015.

For the fourth quarter ended November 30, 2016 the shipping firm’s net profit recorded a slight increase to USD 22.8 million from a net profit of USD 21.1 million reached in the same quarter a year earlier, while revenue dropped to USD 463 million from USD 494.6 million in the respective periods.

“Stolt-Nielsen’s fourth-quarter results were essentially in line with our expectations,” Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said.

At Stolt Tankers, the softness observed in the prior period continued into the fourth quarter, while Stolthaven’s results were essentially flat during the quarter, though utilisation continued to edge upward, reflecting continued progress toward the company’s goal of sustainable improvements in operational performance.

While total shipments were seasonally down at Stolt Tanker Containers, improvements in transportation margin per shipment suggest that price competition may be easing, Stolt-Nielsen said, adding that the company’s outlook for 2017 “remains largely unchanged from our previous guidance.”

In the markets served by Stolt Tankers, there is still an oversupply of tonnage, and with significant newbuilding deliveries in 2017, combined with a weak product tanker market, Stolt-Nielsen expects that the year will be challenging.

“However, with our COA portfolio and continued focus on cost reductions, we expect Stolt Tankers to remain profitable in the year ahead,” the company informed.