Stolt-Nielsen is set to bank a major loan covering a raft of tankers and is in the process of securing capital for its terminal business.
Oslo-listed Stolt is also confidence of meeting bond maturities due in the next couple of years, it told investors today.
The update came as the shipowner reported weaker than expected second quarter results in a chemical tanker market stuck close to the bottom of the cycle.
Stolt Tankers has netted a $420m loan spanning 21 tankers, subject to final documentation, it revealed in its second quarter report.
It continues a successful period for Stolt in the bank market after new facilities worth $241.6m and covering eight vessels were struck earlier in the year at interest rates of 4.4% to 4.6%.
A commitment is also in place for a $200m private placement in the US for its New Orleans terminal, the second quarter report said.
The shipowner has two bonds set to mature in September this year and April 2020, which it says sufficient funds are in place to repay.
It also has bonds of $147.6m and $160.7 maturing in the next couple of years and requires $61.1m in financing for a terminal in Australasia.
The company said cash flow from operations, secured financing and available credit facilities will continue to provide the liquidity necessary to satisfy its working capital requirements, scheduled debt repayments and committed capital expenditures for the 12 months.
Stolt today booked a profit of $3.6m in the quarter, below the $11m consensus forecast in the market.
Stolt Tankers, which saw an estimated $5m impact from a fire at the ITC terminal in the quarter, has seen operating profit fall by a quarter to $27.1m in the first six months of fiscal 2019.
