Norwegian tanker and terminals group Stolt-Nielsen is still awaiting a recovery in chemical tanker markets.
But chief executive Niels-Stolt Nielsen said an improvement is "just a matter of time".
The chemical carrier specialist's third-quarter net profit in the three months to 31 August was $33.5m, up from $29.2m a year ago, with revenue climbing to $580.9m from $474m.
The CEO said the profit was mainly due to very strong performances and market conditions at Stolt Tank Containers and fish business Stolt Sea Farm.
Fearnley Securities said the results were well ahead of expectations as all segments improved.
Stolt Tankers reported operating profit of $24.1m, up from $12.6m in the second quarter, reflecting improved trading results, lower owning expenses and a $3.6m gain on the sale of a ship.
The average daily revenue was $18,795 based on a tanker of 32,020 dwt.
"At Stolt Tankers we saw a recovery in contract nominations following the second-quarter negative impact of the Houston freeze in February," Stolt-Nielsen added.
Contract deals rebound
The boss said that as a result of the higher contract volume carried, the company was less reliant on the low-paying spot market, which has not yet shown any sign of recovery.
Contract of affreightment volumes made up 68.7% of all deepsea cargoes, against 61.8% in the second quarter.
"I am positive about the overall market outlook for all our businesses," said Stolt-Nielsen.
Stolt Tankers added six ships to its pool in the period from Tufton Oceanic Assets.
"The supply side in the chemical parcel tanker segment looks very favourable and it is just a matter of time before we will see a further strengthening of the market," the CEO said.
The executive also said momentum at its small LNG carrier joint venture Avenir LNG has accelerated with the commissioning of its own Sardinia terminal in Italy and multiple newbuilding deliveries through the second half of 2021.
The first two ships are already employed under solid charter arrangements with Petronas and New Fortress Energy, the company said.
The third, which is being delivered this week, will service the company's Higas facility in Sardinia, which began commercial operations in August.
"Avenir is close to finalising significant opportunities for each of the last three vessels, which will service growing small-scale LNG and bunkering demand in Asia Pacific, Europe and the Americas respectively," said the CEO.
