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The tanker market bogs Stolt-Nielsen down in the first quarter

The tanker market has not been kind to Stolt-Nielsen Tankers in the first quarter of 2012, and it is evident from the company’s financial statements for the first quarter of 2012 that this has pulled down the total result of the Stolt-Nielsen group.

The Stolt-Nielsen Limited financial statements released on Thursday show that the group’s net profit has dropped from USD 22.2 million in the fourth quarter of 2011 to USD 8 million in the first quarter of 2012.

“The weakness of Stolt-Nielsen Limited’s financial statements for the first quarter can primarily be traced back to weak markets for Stolt Tankers in general. Higher operational costs and weak volumes, especially in the freight routes to Europe and North/South America from Asia, and in the regional European trades, have kept the performance of Stolt Tankers down in this quarter,” says Chief Executive Officer Niels G. Stolt-Nielsen in the announcement.

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