Stolt-Nielsen disappoints following loss in Q1

A loss in Stolt Tankers and generally poor market conditions for Stolt-Nielsen’s fleet of chemical tankers are to blame for a weak first quarter, management writes in a financial statement Thursday.

The tank and chemical shipping company Stolt-Nielsen could only wring out a net profit of USD 1.5 million from a turnover of USD 519.4 million in Q1 2012.

“The weak result is mainly caused by a loss in Stolt Tankers, where the general market conditions are still poor. An increased number of businesses and higher operating costs weakened tank-earnings further in Q1”, says CEO Niels G. Stolt-Nielsen in a financial release to the Oslo Stock Exchange Thursday:

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