Net profit attributable to shareholders in the fourth quarter was $21.4 million, with revenue of $494.6 million, compared with a net profit of $30.1 million, with revenue of $500.7 million, in the third quarter of 2015. Net profit attributable to shareholders for 2015 was $132.7 million, with revenue of $1,983.7 million, compared with $77.1 million and revenue of $2,137.9 million in 2014.

Highlights for the fourth quarter of 2015, compared with the third quarter of 2015, were:

• Stolt Tankers reported an operating profit of $35.4 million, compared with $37.5 million, mainly reflecting accelerated depreciation on ships scheduled for recycling and the continuing positive impact of lower bunker costs.

• The Stolt Tankers Joint Service Sailed-in Time-Charter Index was 0.77, compared with 0.75 in the third quarter.

• Stolthaven Terminals reported an operating profit of $2.6 million, down from $6.4 million, mainly due to write-offs of certain assets, accelerated depreciation and settlements of customer claims.

• Stolt Tank Containers reported an operating profit of $13.1 million, down from $15.6 million, mainly reflecting lower utilisation from a reduction in shipments and costs related to the early recycling of a certain series of tank containers.

• Stolt Sea Farm reported an operating loss of $2.5 million including fair value adjustments, compared with an operating loss of $2.1 million. The accounting for inventories at fair value had a negative impact of $2.7 million, compared with a negative impact of $2.1 million in the third quarter.

• Corporate and Other reported an operating loss of $5.0 million, compared with operating income of $2.4 million, reflecting increased employee profit-sharing allocations and higher equity loss on its investment in Stolt LNGaz Ltd.

Stolthaven Terminals

Stolthaven Terminals reported fourth-quarter operating revenue of $52.2 million, compared with $54.0 million in the third quarter.

The average terminal capacity at Stolthaven’s owned terminals 4 increased slightly to 1.62 million cbm. Utilisation also edged upward to 86.9% from 86.7%, but total product handled slipped by 1.7%, while average storage and throughput revenue per cubic meter of leased capacity per month decreased by 1.8%.

Stolthaven reported a fourth-quarter operating profit of $2.6 million, down from $6.4 million in the third quarter. The third quarter included a $4.3 million impairment of goodwill in New Zealand and $1.1 million in accelerated depreciation of certain terminal assets in Australia and New Zealand. The fourth quarter included write-offs of certain assets, accelerated depreciation and settlements of customer claims totalling $3.7 million, as well as $0.7 million of additional maintenance expense in Houston, aimed at enhancing operational performance.

Equity income from the Company’s non-consolidated joint-venture terminals decreased by $2.2 million in the fourth quarter, partly due to a dilution loss related to Norterminal AS, following the addition of a new partner in its subsidiary, Norterminal Floating Storage AS, and the continued closure of Stolthaven’s joint-venture facility in Lingang, pending renewal of the operating license in the wake of the explosion in the Port of Tianjin in August.