Stolthaven Terminals reported third-quarter operating revenue of $32.7 million, up from $31.2 million in the second quarter of 2010. Revenue from Stolthaven’s wholly owned terminals in Houston and Santos was in line with the prior quarter, while New Orleans reported higher revenue due in part to the negative impact of a one-time revenue adjustment in the prior quarter. The total average capacity of Stolthaven’s wholly owned facilities in the third quarter was unchanged from the second quarter at 889,500 cubic metres. Market activity increased during the quarter. Utilisation continued to climb, rising to 96.7% from 94.9% in the second quarter, driven by increases at Houston and New Orleans, while utilisation in Santos remained at 100%. The amount of product handled increased at all three terminals, rising to a total of 2.0 million cubic metres, compared with 1.6 million cubic metres in the prior quarter.

Stolthaven reported a third-quarter operating profit of $13.5 million, compared with $13.6 million in the second quarter of 2010. Equity income from the Company’s non-consolidated joint-venture terminals was essentially unchanged in the third quarter at $3.7 million, compared with the second quarter. Stolthaven’s joint venture terminal in Ulsan, South Korea reported growth in equity income of $0.6 million in the quarter, primarily driven by increased capacity and throughput, along with the impact of the favourable outcome of a lawsuit. The increase was offset primarily by lower equity income from Oiltanking Stolthaven Antwerp, due to one-time staffing-related costs.