Chemical tanker firm Stolt-Nielsen aims to cut debt, CEO Niels G. Stolt-Nielsen said on Thursday.
CEO: Debt is slightly higher than we wish
CEO: Based on the latest update, we believe that 2018 will be tough to reduce debt
CEO: Assumptions are based on no recovery in the chemical tanker market before 2019
CEO: Chemical tanker demand is good but order book of new vessels is too high, and equals to 16.7 pct of current fleet
CEO: Debt at end of May was $2.5 bln
CEO: After 2018 debt will come dramatically down as capex is reduced
Investment program in chemical tanker vessels, terminals and tank containers and other small investments sum up to $538 million, of this $337 million will come in H2 2017 and 2018
Selling non-strategic assets is also an option, but there is no rush
Q2 results below forecast, nevertheless Stolt-Nielsen shares are up 1.8 percent vs a drop in Oslo Bourse main share index of 0.05 pct
(Reporting by Ole Petter Skonnord)