Stolt-Nielsen Reports "Disappointing" Q1 Results

MarineLink.com
Thursday, April 03, 2014
Photo: Stolt-Nielsen

Stolt-Nielsen Limited today reported unaudited results for the first quarter ended February 28, 2014, which included lower cargo volumes and down profits in most markets.

Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516.7 million, compared with $36.7 million, with revenue of $524.5 million, respectively, in the fourth quarter of 2013, the company said.

Commenting on the company's results, Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said, "Stolt-Nielsen Limited's results for the first quarter were disappointing, particularly at Stolt Tankers, where both the spot and contract volumes were lower than normal, reducing fleet utilization (tons per operating day). In addition, adverse winter weather conditions in Houston and a number of Western European ports caused substantial delays. This, combined with a lack of spot cargo that resulted in ships sailing light, held down performance at Stolt Tankers.”

Stolt Tankers reported an operating profit of $9.8 million for the first quarter of 2014, down from $15.8 million compared with the fourth quarter of 2013, due to lower contract volumes and increased port delays caused by adverse winter weather conditions. For the same period, the Stolt Tankers Joint Service Sailed-in Time-Charter Index was 1.35, compared with 1.39.

Stolthaven Terminals reported an operating profit of $18.9 million, up from $15.5 million, which the company said mainly reflects the impact of $2.9 million of business interruption income and $2.1 million of other insurance income related to damage at Stolthaven New Orleans caused by Hurricane Isaac in August 2012.

Stolt Tank Containers’ operating profit fell to $15.1 million in Q1 2014, down from $19.8 million in Q4 2013, mainly due to seasonal softness in most markets.

Reporting an increase, Stolt Sea Farm recorded an operating profit of $1.4 million, up from $0.4 million, reflecting seasonally strong caviar sales and a $1.2 million one-time adjustment to depreciation, partially offset by the negative impact of $1 million from the accounting for inventories at fair value in the first quarter, compared with a positive impact of $0.1 million in the fourth quarter.

Avance Gas Holding Ltd. (AGHL) filed its listing application with the Oslo Børs on March 31, with a targeted listing date of April 15. The road show for the IPO started on March 31 and the offering is expected to close on April 8.  

Stolt-Nielsen continued, “Notwithstanding the disappointing first quarter volumes at Stolt Tankers, we believe the underlying positive trend that started in the second half 2013 will resume as the year progresses. At Stolthaven Terminals, the construction of additional storage capacity was completed in New Orleans, Houston, Australia and Singapore. Although most of the added capacity is already contracted out, the final commissioning of the tanks has taken longer than expected. Stolt Tank Containers' results were consistent with the seasonal softness we normally experience in the first quarter. Conditions in Stolt Sea Farm's key markets remain challenging, with a main competitor bringing large amounts of culled fish to market due to production issues, driving down prices in the process."

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NYK Opens New Planning Center in Kumamoto

On September 1, 2014, NYK and Kozo Keikaku Engineering Inc. established a stowage planning center for container shipping at the Kumamoto office of Kozo Keikaku Engineering Inc.

TNO Receives 'International Media Award for Prevention'

The Engagementgame developed by TNO in collaboration with partners is the winner of the 'International Media Award for Prevention' in the category Multi Media.

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

Tanker Trends

More German Shipowners Look to Gibdock for Repairs

Gibdock remarks it has continued to see its stock rise amongst the German shipowner community over the past year. Indeed the Gibraltar ship repair yard’s recent

Tankship Owners TORM Get Credit Facility Extension

Denmark-based TORM say that all lenders have supported the agreement to extend the existing Super Senior Working Capital Facility by six months until 31 March 2015

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

Finance

NZ's Lyttelton Port Recommends Offer, to Pay Special Dividend

The board of New Zealand's  Lyttelton Port Co. Ltd recommended minority shareholders accept an offer of NZ$3.95 a share offer from the commercial arm of the Christchurch city council.

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

News

Fortum Buys Stake in Wave Power Startup

Finland's top utility, state-controlled Fortum, on Monday said it has acquired a 14 percent stake in Finnish wave energy developer Wello. Wello has developed

Gazprom Neft Starts Oil Production, Shipments from Iraqi Badra Field

Russia's Gazprom Neft said on Monday it started commercial production and shipments of oil produced at its Iraqi Badra oil field. Gazprom Neft, the oil arm of state gas company Gazprom ,

Statoil Says Normal Operations at In Amenas Gas Plant Resuming

Normal operations are resuming at the In Amenas gas plant in Algeria 18 months after a raid by Islamist militants killed forty employees, one of the plant's operators, Statoil, said on Monday.

Logistics

Gazprom Neft Starts Oil Production, Shipments from Iraqi Badra Field

Russia's Gazprom Neft said on Monday it started commercial production and shipments of oil produced at its Iraqi Badra oil field. Gazprom Neft, the oil arm of state gas company Gazprom ,

No Sign of Ultra-Large Containership Mega Hubs: Analysis

Contrary to the views of some in the industry, Ultra Large Container Vessels are continuing to call at multiple North European ports per loop and are not concentrating on a mega-hub,

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1907 sec (5 req/sec)