Oslo-listed Stolt reported a profit of $13m for the three months to the close of December, taking its full-year gain to $78.1m.
Analysts at RS Platou Markets say adjusted profit for the quarter reached $27m, ahead of the $21m consensus.
Niels Stolt-Nielsen, chief executive of the shipowner, said: “Overall 2014 was a disappointing year for Stolt-Nielsen Limited. The expected turnaround at Stolt Tankers did not materialise due to lower volumes and a soft freight market, reflecting a sluggish global economy."
"In the fourth quarter, while operating results improved at Stolt Tankers, we have yet to see the full impact of the drop in bunker fuel prices, as our ships continued to consume the fuel purchased at higher cost before the significant drop began.”
Stolt Tankers logged an operating profit of $8.6m in the quarter, which with exceptional items stripped away was its best period of the year.
"Looking ahead we expect the lower bunker fuel prices to gradually have a positive effect on Stolt Tankers in the quarters to come, though a significant portion of the savings will be passed on to our contract customers as a result of the bunker fuel clauses in most of our contracts,” Stolt-Nielsen said.
“We remain concerned about the market outlook for Stolt Tankers, as the order book now stands at over 30% in the parcel-tanker segment and the global economic outlook is uncertain.
“With the prolonged challenging chemical tanker market, we have and will continue to challenge our cost structure. Some of the implemented saving initiatives are starting to show results and are expected to be reflected in our bottom line going forward."
Stolt Terminals contributed operating profit of $17.8m, tank containers $19.5m and its sea farm division a small loss.
