The 4Q17 results included one-off impairments totalling $15.3 mill. Net profit for the full year was $50.3 mill, with revenue of $1,997.1 mill, compared with $113.1 mill and $1,879.9 mill, respectively in 2016.

Highlights for 4Q17, compared with the previous quarter, were:

• Stolt Tankers reported an operating profit of $20.4 mill, down from $34.4 mill, mainly due to the impact of lower contracts of affreightment (COA) volume and freight rates. The quarter was also negatively impacted by Hurricane ‘Harvey’, which closed the Houston ship channel, disrupted cargo operations and affected onward voyages well into 4Q17.
• Stolthaven Terminals had an operating profit of $5.4 mill, down from $16 mill in 3Q17. The 4Q included an $8.4 mill one-off impairment of assets in Stolthaven New Zealand.
• Stolt Tank Containers reported an operating profit of $17 mill, up from $14.8 mill, driven by stronger markets, increased demurrage revenue and improved margins.
• Stolt Sea Farm’s operating profit before the impact of fair value adjustment of inventories was $0.1 mill, compared with an operating profit of $0.4 mill in the third quarter.

Corporate and other reported an operating loss of $9.4 mill, compared with a loss of $6.7 mill in the previous quarter. During the quarter SNL recognised an impairment of assets at Stolt Bitumen Services of $6.9 mill and a one-time gain of $7.2 mill, due to certain changes made to the healthcare benefits plan in the US.

Commenting on the results, SNL CEO Niels Stolt-Nielsen, said: “SNL’s fourth-quarter results reflected the negative impact of one-time charges related to impairments and extraordinary events. The chemical tanker market continued to soften in the quarter driven by oversupply of tonnage, combined with the impact from Hurricane ‘Harvey’.

Except for the effects Hurricane ‘Harvey’ had on Stolthaven Houston, our terminal business had another steady quarter. Stolt Tank Containers had a strong quarter as rates and margins increased. Results at Stolt Sea Farm improved, mainly driven by the positive impact of fair value adjustment of inventories, higher turbot prices and additional turbot volume sold on consignment.

“Our outlook for the first half of 2018 remains essentially unchanged. We do not anticipate any substantial improvement in the chemical tanker market until 2019 when the orderbook reduces and the supply/demand balance improves. For Stolthaven Terminals, we continue to expect a modest but steady improvement in results, driven by operational improvements and better utilisation.

At Stolt Tank Containers, we expect continued strength in rates and margins. Stolt Sea Farm’s results were strong in December in line with holiday demand, but are expected to decline consistent with seasonal patterns in January and February, though prices are anticipated to remain at higher levels than in 2017,” he concluded.

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