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Stolt-Nielsen - stable 4Q expected
Jan 25 2019


Ahead of Stolt-Nielsen’s (SNI) fourth quarter results announcement next week, Norne Research has forecast a seasonally weaker quarter.


However, a recovery in chemical tanker rates was seen by the end of the quarter, while the drop in the oil price should reduce bunker costs.

As a result, Norne has upgraded its recommendation from ‘Hold’ to ‘Buy’ in the last report after an unjustified drop in the share price.

The improvement seen in chemical tanker rates at the end of Stolt-Nielsen’s 4Q18 (30th November) is in line with the more optimistic view from its competitors rather than guidance from SNI of a weak market until late 2019.

However, 4Q18 results should be seasonally lower for chemical tankers, but more or less in line with the previous quarter for other segments.

Norne forecast total revenues of $532 mill, EBITDA of $116 mill and net earnings are projected to be in positive territory again with EPS of $0.18.

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