Chemical tanker operator Stolt-Nielsen reported fiscal first quarter revenues that increased 3% on a year earlier, but were 2% lower than analysts expected. The disappointment was the ninth in the past 12 quarters, and likely reflects lower-than-expected achieved shipping rates. Chemical rates probably lagged the 7% rise seen in the calendar first quarter for oil tanker rates. Panjiva analysis of consensus estimates shows that tanker industry revenues may fall 0.4% in 2017 on 2016. CEO Niels Stolt-Nielsen stated there is evidence of the market “bottoming out” but that a proper recovery w...