The Oslo-listed shipowner said net profit for the first three months of the year was $38.8m versus the $18.6m seen a year ago.
The Niels G Stolt-Nielsen-led company posted the better numbers despite revenue for the quarter declining 5.6% to $487.7m.
However, the results were boosted to the tune of $13.6m resulting from the curtailment of the company’s US pension plan.
“The improvement this quarter derives primarily from lower bunker costs in Stolt Tankers, but also from initiatives taken to lower overall costs in the group,” said chief executive Niels G Stolt-Nielsen.
“At
