Oslo-listed chemical tanker and terminals group Stolt-Nielsen has logged a huge first quarter profit as rates for contract renewals soared 50%.

The Norwegian owner of Stolt Tankers said earnings in the three months to 28 February were $99.8m, from revenue of $708.7m.

This compares to earnings of $52.3m from revenue of $606.2m a year ago. Ebitda came in at $215.6m.

Stolt Tankers produced an operating profit of $87.1m,