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Stolt Tankers on Thursday posted a year-on-year dip in operating and gross profit for the second quarter ended May 31, 2017, whilst bunker costs increased during the three-month period.

Despite seeing revenue rise by $22 million, or 8.1 percent year-on-year, to $292.6 million, second-quarter operating profit dipped $0.9 million, or 3.1 percent year-on-year, to $27.6 million, whilst gross profit fell $13.5 million, or 21.8 percent, to $48.5 million.

Meanwhile, bunker expenses between March and May increased by $3.7 million. This was said to be due to the higher number of operating days, combined with an uptick in the average price of intermediate fuel oil/low sulphur fuel consumed to $316 per tonne in the latest period, up from $306 per tonne in the first quarter.

Stolt Tankers also recorded a $1.8 million net loss on bunker hedges in the second quarter, compared with $2.0 million in net gains in the first quarter - a $3.8 million negative swing. This swing was partially offset by a reduction in losses on the sale of assets of $1.6 million between the quarters, Stolt Tankers said.

Stolt Tankers saw a rise in voyage expenses, excluding bunker cost and hedges, of $4.8 million; this was said to be mostly related to port charges and barging and transhipment expenses, reflecting the increased number of operating days.

Parent company Stolt-Nielsen posted a net profit attributable to shareholders of $15.6 million; the figure was $22.3 million lower than the corresponding period last year and $0.5 million higher than the previous quarter.

Stolt-Nielsen's second-quarter revenue of $500.8 million was higher than last year ($478.9 million) and the first quarter ($475.7 million).