LNG

Jan 31 (LNGJ) - Norwegian shipping and storage company Stolt-Nielsen, whose natural gas subsidiary has plans for small-scale LNG storage and distribution projects, posted net profits in the fourth quarter of $22.8 million from $463M in revenues. “At Stolt Tankers, the softness we observed in the prior period continued into the fourth quarter,” said Niels G. Stolt-Nielsen, the company Chief Executive. “Our outlook for 2017 remains largely unchanged. In the markets served by Stolt Tankers, there is still an oversupply of tonnage, and with significant newbuilding deliveries in 2017, combined with a weak product tanker market, we believe the year will be challenging,” he added.