Stolt-Nielsen Repays USD 147.6 Mn Bond

London-based chemical tanker owner Stolt-Nielsen has repaid the USD 147.6 million bond.

The Norwegian company said it received a further USD 140.7 million in proceeds of debt as part of the CMBFL facility. The last tranche of the facility of USD 43.2 million is expected to be received in October 2019.

“This will reduce the maximum availability under the revolving credit facility to USD 313.5 million due to the reduction in collateral assets,” Stolt-Nielsen added.

The company revealed the development as part of its financial report for the third quarter ended August 31, 2019.

Net profit attributable to shareholders in the third quarter was USD 3.7 million, with revenue of USD 519 million, compared with a net profit of USD 3.6 million, with revenue of USD 518.9 million, in the second quarter of 2019.

Net profit attributable to shareholders for the first nine months was USD 15.2 million, with revenue of USD 1,539.9 million, compared with USD 51.3 million, with revenue of USD 1,599.4 million in the first nine months of 2018.

“Stolt Tankers’ third-quarter results were flat, supporting our belief that the chemical tanker market has bottomed out,” Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said.

“Looking ahead, with deliveries of new tonnage slowing, we expect the tanker market to slowly turn.”

In late September, an explosion and fire occurred on the company’s Stolt Groenland while the ship was berthed in Ulsan, South Korea.

“We deeply regret the impact of this incident on the people that were in the vicinity of our vessel and hope for the speedy recovery of those injured. As always, safety remains our number-one priority in all that we do, and we are actively cooperating with the investigations now underway to determine the cause of this incident,” Stolt-Nielsen noted.