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Stolt-Nielsen Reports Unaudited Results Q1 2011

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LONDON, April 7, 2011 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the first quarter ended February 28, 2011.  Net profit attributable to shareholders in the first quarter was $31.2 million, with revenue of $458.7 million, compared with $33.0 million and $459.4 million, respectively, in the fourth quarter of 2010. Highlights for the first quarter of 2011, compared with the fourth quarter of 2010, were: *    Stolt Tankers reported an operating loss of $1.0 million, compared with an operating profit of $11.0 million.  First-quarter results reflected the impact of higher bunker fuel prices, weather-related delays and port congestion. *    The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was 1.09, compared with 1.17. *    Stolthaven Terminals' operating profit rose to $16.5 million from $14.4 million, driven by revenue growth at the division's wholly owned terminals and lower operating expenses. *    Stolt Tank Containers reported an operating profit of $18.5 million, down from $21.0 million, though underlying market dynamics remained strong. *    Stolt Sea Farm reported an operating profit of $1.5 million, down from $3.9 million, reflecting the negative impact of $1.9 million from the fair value accounting for inventories, compared with a prior positive impact of $2.5 million.


Private Equity Spending Fuels Shipping Sector Risk

Private equity has pumped $32 bln into shipping in past 2 years. Ships totaling 299 mln dwt to enter global fleet from May. Some private equity-backed shipping IPOs have been put off on weak sentiment. The shipping industry faces a looming capacity glut as billions of dollars pumped into it by private equity have stoked a vessel-buying spree, threatening its prospects just as the sector is emerging from its worst downturn in three decades.


Korean Shipyard Building 18,000 TEU Container Ship

DSME begins work on construction of the world's largest container ship Daewoo Shipbuilding and Marine Engineering has begun constructing the world's largest container vessel after receiving the order from Denmark's AP Moller-Maersk, the shipbuilder has announced. When completed, the 18,000 TEU container ship will measure 400 m in length and 59 m in width, with a deck wide enough to accommodate four football fields


General Maritime to Acquire Tankers

General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery


GulfMark Orders Three PSVs from Poland

GulfMark Offshore, Inc. (NYSE: GLF) announced the initiation of a vessel construction program. The first three vessels in the program will be built by Remontowa Shipbuilding SA in Gdansk, Poland, and consists of two 1000 square meter deck area platform supply vessels of the MMC887CD design and one MMC879CD design with a deck area of over 800 square meters.  These large and technologically advanced vessels have been designed to meet the demanding requirements for supporting deepwater and


Hyundai Heavy to Build World’s Largest Containerships

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Hyundai Heavy Industries (HHI) announced the Company won a $700 million order for five 18,400 TEU containerships from China Shipping Container Lines (Hong Kong) Co., Ltd. The world’s largest containerships will feature an electronically-controlled main engine and two EcoBallast seawater treatment system. The electronically-controlled main engine will maximize fuel efficiency, and reduce noise, vibrations, and carbon emissions by automatically controlling fuel consumption to suit


First of BC Ferries’ Super C-Class Vessel Launched

The first of BC Ferries’ three new Super C-class vessels, Coastal Renaissance, was officially launched at a special ceremony in Germany. Representatives from BC Ferries and the shipyard were on hand to witness this major event as the ship was launched into the water for the first time. The Coastal Renaissance is scheduled to leave Germany for Canada in late October and is expected to be in service in early 2008. The second and third vessels will be arriving in B.C. in early and mid 2008


CDC Offers SARS Guidelines for Ships

The U.S. Centers for Disease Control and Prevention (CDC) issued guidelines for maritime personnel regarding severe acute respiratory syndrome (SARS). The three guidelines are somewhat redundant with each other. The first focuses on Personnel Boarding Maritime Vessels from Areas with SARS . The second focuses on Workers Handling Cargo or Other Packages . The third focuses on Cruise Ship Passengers and Crew Members . The guidelines point out


Seaarland, Nordic Tankers Sign Joint Venture

Seaarland Shipping Management and Nordic Tankers signed a joint venture that will see both of these companies enter the Handysize product carrier market. The joint venture will involve investment in modern second-hand vessels as well as new buildings. The vessels will be jointly owned by both partners in varying proportions. The first acquisition by the joint venture, the 2000-built 35,820 dwt Hanne, is to be concluded soon


Denmark Arrests Former OW Bunker Manager

Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday.   A statement from the prosecutor's office did not disclose any details. Danish daily Berlingske reported earlier this week that the arrested person and five others had cheated the Italian navy out of 7 million euros ($8.6 million) for fictitious bunker fuel delivered from a non-existent vessel.


Stolt-Nielsen's Results Show Bright Future

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  Stolt-Nielsen Limited today reported unaudited results for the second quarter ended May 31, 2015. Net profit attributable to shareholders in the second quarter was $42.5 million, with revenue of $500.7 million, compared with a net profit of $38.7 million, with revenue of $487


Uni Asia Forms New Subsidiary and Buy a New Vessel

Pic: Uni-Asia Holdings Limited

 Uni-Asia Holdings Limited has acquired a new wholly owned Panama-incorporated company known as Fortuna Containership S.A. as a ship owning subsidiary for the purpose of acquiring a 3,500 TEU second hand containership.   Fortuna Containership was incorporated in Panama on 20 May 2015


Boskalis Wins Veja Mate OWF Foundations Deal

Veja Mate offshore wind farm

  Royal Boskalis Westminster N.V. (Boskalis) in partnership with VolkerWessels (Volker Stevin International) has been awarded a contract by Veja Mate Offshore Project GmbH for the design, procurement, fabrication, supply, transportation


MOL Inaugurates Ikeda as President

Mitsui O.S.K. Lines, Ltd. (MOL) inaugurated Junichiro Ikeda as its new president on June 23, 2015.   “The world economy continues to expand, and demand for ocean transport is growing steadily. On the other hand, the world political and economic situations and the environment


Tobruk Sails Home for the Last Time

HMAS Tobruk sails into Sydney Harbour for the final time

  HMAS Tobruk (II) sailed through Sydney Heads back to her home port at Garden Island for the last time today.  The amphibious heavy lift is scheduled to decommission on Friday 31 July, after 34 years of service in the Royal Australian Navy.  


Scottish Ferry Workers on Strike

Photo: CalMac Ferries Limited

 Rail, Maritime and Transport (RMT) union members at the ferry operator CalMac go on strike over the future of services of Scotland’s west coast as two thirds of CalMac routes have been suspended.   CalMac will operate a third of its Clyde and Hebrides ferry services


BAM Completes LNG Terminal in Aqaba, Jordan

The Aqaba New Liquefied Natural Gas (LNG) Terminal by BAM International. Pic by Aqaba Development Corporation (ADC).

 BAM International has completed its €65 million project to construct the Aqaba LNG terminal for Aqaba Development Corp. (ADC).    The operating company of Royal BAM Group handed over the project on 23 June, two months ahead of schedule.  


NASSCO Starts Building 2nd SEA-Vista Tanker

Kevin Graney, Pete Radzicki, Parker Larson, Debora Burke, Dave Burke and Tom Denning (Photo: General Dynamics NASSCO)

Ceremony signals the start of construction for the second SEA-Vista ECO Tanker to be constructed at the General Dynamics NASSCO shipyard in San Diego.   General Dynamics NASSCO, a wholly owned subsidiary of General Dynamics, signaled the start of construction for the second of three 50


Day of the Seafarer Celebrated in Abu Dhabi

Photo: Abu Dhabi Ports

Abu Dhabi Ports celebrates ‘Day of the Seafarer’ with a 1,000-strong gathering; Maritime education and related career opportunities highlighted at event   Abu Dhabi Ports informs it celebrated the global ‘Day of the Seafarer’ with as many as 1,000 seafarers


Tanker Chief Officer Medevaced off Mumbai

Coast Guard assist Gaurav Gupta, Chief Officer from vessel MT Pristine GV

  Continuing with the series of search and rescue operations undertaken and coordinated by Coast Guard Western Region in last two days, the Indian Coast Guard undertook another lifesaving mission by evacuating the chief officer from vessel MT Pristine GV anchored off Mumbai.


Mercator Acquires Two Dredgers

Dredger Banwari Prem. Photo: Mercator Limited

 Mercator Limited announced that it is expanding its dredging business by adding two more Dredgers to its fleet.    Mercator,India's largest Marine and Energy group with businesses in Oil & Gas, Coal, Shipping and Dredging


New DCF Valuations on VV‏

Proud analysis chart

  VesselsValue.com is launching Discounted Cash Flow (DCF) valuations to its existing portfolio of daily, automated valuations for the shipping industry. Discounted Cash Flow vs Market Valuations Discounted Cash Flow Valuations is the amount a vessel would be expected to earn as a


Fukushima Floating Offshore Wind Project Progressing

Photo: Mitsubishi Heavy Industries

An experimental offshore floating wind farm project sponsored by the Japanese Ministry of Economy, Trade and Industry has been underway since March 2012. Participating in the project is a consortium comprised of Marubeni (project integrator), the University of Tokyo (technical advisor), Mitsubishi


Russia to Cut Pipeline Oil Exports, Oil Transit

Photo: Novorossiisk Commercial Sea Port

Russia plans to cut oil exports by pipeline and oil transit by 0.6 percent to 52.5 million tonnes in the third quarter, quarter-on-quarter, trade sources citing a loading schedule said on Tuesday. The sources, who spoke on condition of anonymity


Singapore Tops as Leading Maritime Capital

Graph: Menon Publication

 Norwegian consulting firm Menon has named Singapore as the world's leading maritime city, according to a Menon Business Economics Group survey.   Singapore ranks first based on its business friendly policies, and strategic location on the trade route between Europe and Asia.  






 
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