While shipments decreased by 4.3% in line with seasonal patterns — to 29,700 from 31,048 in the second quarter — the impact of the decline was mitigated by an increase in both US export volumes to Asia and Europe and door-to-door shipments, which earn higher rates.
Revenue per shipment was up slightly in the quarter, consistent with the shift in shipment mix. Demurrage revenue was also up in the quarter, as customers held on to tanks longer. Utilisation slipped to 75.3% from 76.6%, in line with the decrease in shipments.
The number of tanks in STC’s fleet grew to 33,137 from 32,528 in the second quarter.
STC reported a third-quarter operating profit of $17.6 million, compared with $18 million in the second quarter. Ocean and inland freight costs both decreased in the quarter, due to the decrease in shipments, partially offset by the increase in long-haul shipments.