Stolt margins squeezed

Stolt Tank Containers (STC) reported third-quarter revenue of $166.4 million (€157 million), down from $189.3 million (€179 million), in the second quarter of 2023.

Transportation revenue decreased by 8.8%, driven by lower transportation rates and a 6.7% decrease in demurrage revenue, partly offset by a 2.7% increase in shipments.

STC reported a third-quarter operating profit of $23.9 million, down from an operating profit of $39.7 million (€37 million), in the second quarter before a $155 million (€147 million),  loss provision relating to the MSC Flaminia incident.

The lower revenue was only partly offset by a continued decrease in ocean freight and trucking costs.