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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Cenac Marine to Christen Newest Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Brown Named Bureau Veritas Communications Director

Nick Brown has been appointed Bureau Veritas’ new Communications Director, Marine & Offshore Division, the classification society announced.    Brown will take up the post from November 2,

Bulk Carrier Trends

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

CNCo Orders Remote Monitoring for 35 Vessels

Radio Holland, a global NavCom and service company in the maritime industry, said it has concluded  a maintenance and remote monitoring agreement with The China

Finance

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

News

Container-on-barge Returns to Baton Rouge

Container-on-barge services have returned to the Port of Greater Baton Rouge to provide the petrochemical industry with another option to move its products.   Operated by SEACOR AMH,

Cenac Marine to Christen Newest Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Enterprise to Export First Ethane Cargo from Houston Terminal in August

Enterprise Products Partners on Thursday said the first ship to load ethane for export from its new terminal on the Houston Ship Channel will arrive on Aug. 1,

Logistics

Container-on-barge Returns to Baton Rouge

Container-on-barge services have returned to the Port of Greater Baton Rouge to provide the petrochemical industry with another option to move its products.   Operated by SEACOR AMH,

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Damen Presents Decommissioning Vessels Concept

Damen Shipyards Group has announced its latest concept design: the Damen Decommissioning Series. The vessel will specialize in three core areas of the oil and gas

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1244 sec (8 req/sec)