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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ClassNK Holds LNG Fuel Technologies Seminars

ClassNk held LNG-Fuelled Vessel Technologies seminars in Shanghai and Singapore on 22 July and 24, July 2014, respectively. With the industry looking to adopt

USCG Change of Command in Galveston

A Coast Guard lieutenant commander and graduate of Hastings High School in Houston, took command of Maritime Safety and Security Team Galveston during a ceremony in Galveston Thursday.

Miller Rejoins TITAN as Salvage Master

Captain Stuart Miller has rejoined Crowley Maritime Corporation’s TITAN Salvage operations team as salvage master, bringing with him over 30 years of worldwide,

Tanker Trends

Jones Act Tanker Chartered for Airline Refinery

Delta Air Lines Inc's refining unit has chartered a U.S.-flagged oil tanker for the first time, allowing it to tap directly into cheap Texas shale oil as the company overhauls its supply strategy.

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

Bulk Carrier Trends

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

China Issues New Rules on US DDG Imports

China's Import Inspection Authority, AQSIQ, is now requiring U.S. distiller's dried grains imports to be officially certified free of the MIR 162 GMO trait, the U.

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Finance

ST Engineering Divest 50% Stake In Beijing Zhonghuan

Singapore Technologies Engineering Ltd (ST Engineering) updated today that further to an earlier announcement made on 28 January 2014, Singapore Technologies

Statoil's 2Q 2014 Results

Statoil's second quarter 2014 net operating income was NOK 32.0 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

News

Exxon eyes expanding Texas refinery

Exxon Mobil Corp is considering a multi-billion-dollar plan to expand its Beaumont, Texas, refinery into the country's largest, the first major refining investment of the U.

Dredging at Jurong Port, Singapore

Dredging work will be carried out at Keppel Shipyard Benoi Road, off West Jurong Channel, from 28 July to 30 September. As per the Maritime and Port Authority of Singapore Port Marine Notice No.

ISS's Innovative Series of New Travel Apps for Cruise Industry

Inchcape Shipping Services (ISS) the world’s leading maritime services provider, has launched an innovative series of travel apps for the cruise industry in Greece,

Logistics

Dorian LPG MoU with HNA Logistics

Dorian LPG Ltd. a leading owner and manager of modern VLGC's (very large gas carriers), today announced that it has entered into a Memorandum of Understanding ("MOU"), with HNA Logistics Group Co.

Hamburg Süd to Acquire CCNI Liner Service

Compañía Chilena de Navegación Interoceánica S.A. (CCNI) with headquarters in Valparaiso, Chile, and Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) with headquarters in Hamburg,

Danos Adds Environmental Services

Danos recently added an Environmental Services Division to the company’s collection of oilfield related services, which includes production workforce, construction,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Simulators Sonar
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: 0.1834 sec (5 req/sec)