Stolthaven Terminals reported fourth-quarter operating revenue of $33.6 million, up from $32.7 million in the third quarter. Average monthly rental revenue per cubic metre increased in the quarter, driven by an overall strength in demand.

Houston reported good revenue growth for the quarter, driven by increased utilisation and cargo throughputs. At New Orleans, while utilisation and throughputs were down, revenue from the resolution of a customer dispute had a favourable impact on the quarter. Revenue from Santos also increased, primarily due to a strengthening of the Brazilian real, partially offset by lower throughput. Total average capacity for the wholly owned terminals remained unchanged in the quarter at 889,500 cubic metres.

Utilisation was also essentially unchanged at 96.4%, compared with 96.7% in the preceding quarter. Total product handled declined to 1.9 million cubic metres from the year’s peak of 2.0 million cubic metres in the third quarter.

Stolthaven’s fourth-quarter operating profit increased to $14.4 million from $13.5 million in the third quarter. Equity income from the Company’s non-consolidated joint-venture terminals rose to $4.0 million from $3.7 million in the prior quarter, driven by strong performances at Stolthaven’s joint venture terminals in Antwerp, Belgium and Ulsan, South Korea.

Operating results at Westport were essentially flat, excluding the impact of one-time costs. Higher costs and lower throughput held down results at Lingang, while Ningbo’s performance was impacted by start-up issues.