Stolt-Nielsen bested expectations in its third quarter as tanker earnings continued to climb.

The Oslo-listed chemical tanker giant reported a $99.2m profit for the three months ending on 31 August, up from $90.1m for the same period last year as revenue hit $733m from $$694m.

“I am pleased with our continued robust performance over the quarter, demonstrating the strong position our businesses enjoy in each of their respective market segments,” chief executive Udo Lange said in the earnings release.

Third quarter Ebitda came in at $215m, better than the analysts’ consensus of $213m and outpacing estimates from Fearnley Securities, which pegged the figure at $206m.

Analysts Fredrik Dybwad and Nils Thommesen were still positive in their outlook for earnings as they expected shipping to drive the uptick as chemical tanker rates jumped 2% during the quarter.

In the release, Lange said the Red Sea situation — where ships opt for the Cape of Good Hope to avoid becoming a target for Houthi attacks out of Yemen — is helping boost its business.

The tanker segment recorded an operating profit of $107m, up from $87.3m in the third quarter of 2023.

The vessels in its Stolt Tankers Joint Service pool brought in time-charter equivalent revenue of $35,355 per day, up more than 17% from the $28,429 per day year over year.

Its terminals, tank container and gas businesses all reported profits, with terminals bringing in $27.4m, tank containers $16.6m and gas $1.6m.

Stolt Sea Farm and its corporate division reported losses of $1.6m and $13.1m each.

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