Snl News

A deep freeze that hit Texas over the weekend wrought more havoc on the U.S. energy sector on Tuesday, curbing output in the largest U.S. oil field, knocking out a fifth of the nation's refining capacity, and shutting a key shipping channel in Houston.Historic cold has knocked out roughly 4 million barrels per day of refining capacity, more than one-fifth of national capacity, according to Reuters calculations. About 500,000 to 1.2 million bpd of crude production has also been affected…

Stolt-Nielsen Limited announced Jens F. Grüner-Hegge has been appointed as its new Chief Financial Officer, effective from April 2, 2018. Grüner-Hegge, who has served as Vice President, Corporate Finance since 2007, succeeds longtime CFO Jan Chr. Engelhardtsen, who will retire from his executive role and has been appointed to fill a vacancy on the company’s board of directors. With the addition of Engelhardtsen as a director, the SNL Board now has seven members, four of which are independent.

Stolt-Nielsen Limited said it has it received competition authority approval to acquire the chemical tanker operations of Jo Tankers. The acquisition is expected to be finalized before the end of November. The transaction comprises 13 chemical tankers and a 50 percent share in a joint venture with eight chemical tanker newbuildings, representing an enterprise value of $575 million. The acquired ships would satisfy the tonnage-replacement needs of the Stolt Tankers' fleet for the next several years and add new trade routes that enhance the Company's global service capabilities. Funding for the transaction has been secured through Stolt-Nielsen Limited's main commercial banks with a combination of bridge financing, secured term loans and corporate funds.

Stolt-Nielsen Limited announced today that its subsidiary, Stolt-Nielsen Gas B.V., has purchased 10 percent of the shares in HIGAS S.r.L., with an option to acquire up to 80 percent of the company. HIGAS is a joint venture between Gas and Heat S.p.A. and CPL Concordia Soc. Coop, with plans to build and operate an LNG terminal and distribution facility in the port of Oristano, Sardinia. The LNG is to be shipped to the terminal by LNG tankers and distributed to customers via pipeline and trucks. The terminal is expected to be completed in 2017. Commenting on the project, Andrew Pickering, President, Stolt-Nielsen LNG Holdings Ltd., said, "This joint venture represents SNL's third strategic investment in the LNG segment, where our focus is on meeting what we call 'stranded demand' for LNG.

Stolt-Nielsen Limited has announced that Jacob Stolt-Nielsen, the visionary entrepreneur who founded the company in 1959, will retire from the SNL Board of Directors effective December 15, 2014, thus formally concluding his career at the company, 55 years to the date of its founding. He will continue as Honorary Chairman. Mr. Stolt-Nielsen, who is 83, conceived the innovative designs that led to the creation of the first parcel tanker. After founding Parcel Tankers, Inc. in 1959…

Stolt-Nielsen Limited (Oslo Bors: SNI) announced its intention to relocate its tankers' staff in Norwalk, Connecticut to Houston, Texas. The move will consolidate the Company's U.S.-based staff in Houston, which is the port most frequently called by the global Stolt Tankers fleet. Stolt Tank Containers' U.S.-based personnel and the Company's largest wholly owned bulk liquid terminal are already located in Houston. Approximately 60 employees will be affected by the move, which is expected to be completed by the end of 2015, at which time the Norwalk office will be closed. Costs of the relocation will be borne between now and the completion of the relocation. "While office relocations are always difficult, the move is hard to argue against," said Niels G. Stolt-Nielsen, CEO of SNL.

Stolt-Nielsen Limited has reported unaudited results for the fourth quarter ended November 30, 2013. Net profit attributable to SNL shareholders in the fourth quarter was $36.7 million, with revenue of $524.5 million, compared with $21.8 million, with revenue of $521.8 million, respectively, in the third quarter of 2013. Net profit attributable to shareholders for 2013 was $85.8 million, with revenue of $2,099.5 million, compared with $70.2 million, with revenue of $2,071.7 million, respectively, in 2012.

Stolt-Nielsen Limited  reported unaudited results for the third quarter ended August 31, 2013. Net profit attributable to shareholders in the third quarter was $21.8 million, with revenue of $521.8 million, compared with $25.7 million, with revenue of $533.8 million, respectively, in the second quarter of 2013. Net profit attributable to shareholders for the first nine months was $49.1 million, with revenue of $1,575.0 million, compared with $52.0 million, with revenue of $1,560.8 million, respectively, in the first nine months of 2012. Stolt Tankers reported an operating profit of $9 million, up from $5 million, as market conditions continued to slowly improve. The Stolt Tankers Joint Service Sailed-in Time-Charter Index increased to 1.28 from 1.2.

Stolt-Nielsen Limited reported unaudited results for the first quarter ended February 28, 2013. Net profit attributable to SNL shareholders in the first quarter was $1.5 million, with revenue of $519.4 million, compared with $18.2 million, with revenue of $510.9 million, respectively, in the fourth quarter of 2012. The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was 1.12, down from 1.14. Stolthaven Terminals reported an operating profit of $23.3 million, up from $22.9 million, as overall market conditions remained strong.

Net profit attributable to shareholders in the second quarter was $37.0 million, with revenue of $538.8 million, compared with $8.0 million and $505.7 million, respectively, in the first quarter of 2012. Net profit attributable to shareholders for the first six months was $45.0 million, with revenue of $1,044.4 million, compared with $63.6 million and $986.6 million, respectively, in the first half of 2011. •    Stolt Tankers reported an operating profit of $29.0 million, reflecting a net gain of $24.5 million on insurance proceeds related to the loss of MT Stolt Valor following the incident in the Persian Gulf in March. Net of this gain the operating profit was $4.5 million for the current quarter, compared with an operating loss of $8.6 million.

Avance Gas Holding Ltd. adds Transpetrol Gas Holdings Ltd. Stolt-Nielsen Limited announce that Avance Gas Holding Ltd. (AGHL), a joint venture between Sungas Holdings Ltd. and 
Stolt-Nielsen Gas Ltd. has reached an agreement with Transpetrol Shipping Ltd. (Transpetrol) whereby Transpetrol will sell its two very large gas carriers (VLGC) to AGHL in return for cash and 33 1/3 equity ownership of AGHL. It is expected that the two new ships, Prospect and Progress, both delivered in 2009, will join the AGHL fleet in early July. With Prospect and the Progress, the Avance Gas fleet will consist of nine VLGCs, including the two ships to be acquired from Maran Gas Maritime Inc. The Avance Gas fleet trades mainly in the spot market, loading in the Middle East for destinations primarily in Asia.

Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2011. Stolt-Nielsen Limited has reported unaudited results for the fourth quarter and full year ended November 30, 2011. Net profit attributable to shareholders in the fourth quarter was $22.2 million, with revenue of $512.9 million, compared with $22.4 million and $529.8 million, respectively, in the third quarter of 2011. Net profit attributable to shareholders for the full year was $108.2 million, with revenue of $2,029.4 million, compared with $106.1 million and $1,793.7 million, respectively, in 2010. • Stolt Tankers reported an operating profit of $7.0 million, up from $6.6 million. • The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was unchanged at 1.08.

Stolt-Nielsen Limited (Oslo Børs: SNI)  has obtained commitments for a $600 million senior secured revolving credit facility, which will replace the Company's two existing revolving credit lines maturing in July 2012 and January 2013 respectively. The facility will be secured by ships in the Company's fleet, and the financial covenants are in line with the Company's standard covenants. The facility, which was oversubscribed, consists of a consortium of nine banks. Closing is expected to take place in January 2012 and the new facility will mature in January 2018. Commenting on the refinancing, Mr. Jan Chr. Engelhardtsen, Chief Financial Officer of SNL…

Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the third quarter ended August 31, 2011. Net profit attributable to shareholders in the third quarter was $22.4 million, with revenue of $529.8 million, compared with $32.4 million and $528.0 million, respectively, in the second quarter of 2011. • Stolt Tankers reported operating income of $6.6 million, compared with an operating loss of $3.5 million, reflecting an improvement in spot freight rates compensating for higher bunker costs. Second-quarter operating income reflected an impairment loss of $8.5 million taken on assets held for sale. • The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] rose to 1.08 from 1.05.

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. *    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.

LONDON, April 12, 2011 - Stolt-Nielsen Limited (Oslo Børs: SNI) completed its previously announced open market partial tender offer ("Offer") for SNL common shares with a total maximum value of $47 million.  SNL bought back 1,825,900 shares at a price of NOK 140 per share at a total cost of $46.8 million.  SNL now holds 6,285,530 shares, or 9.80%, of its common shares.  With the completion of the Offer the $50 million buy-back programme announced by SNL on November 19, 2010 is now accomplished.   Source: Stolt-Nielsen Limited

Stolt-Nielsen Limited (Oslo Børs: SNI) has agreed to acquire a majority stake in Marstel Terminals, a privately held network of nine bulk-liquid storage facilities in Australia and New Zealand, with a total combined storage capacity of approximately 177,000 cbm. Upon the completion of the transaction, SNL will own 70% of the business, with the remaining 30% of the equity to be held by the founders, Graham and Anne Catley, who will continue as managers. The acquisition is expected to be completed by late summer 2011, subject to certain government approvals. Following the acquisition, the Company plans to expand the business, both by adding capacity at existing terminals and by developing new locations. Commenting on the acquisition, Niels G.

Keppel Shipyard, the wholly owned subsidiary of Keppel Corporation Limited (KCL), has delivered the first Floating Production Storage and Offloading (FPSO) vessel for the joint venture of Vanguard and Premuda. Said Michael Barraclough, Managing Director of Vanguard Floating Production Limited (Vanguard), “We are very pleased with the quality of work and the safety performance of this FPSO and have decided that Keppel Shipyard should be a preferred yard to undertake future FPSO projects. Premuda and its partner Vanguard are based in Italy and United Kingdom respectively. The FPSO has been converted for their joint company, Four Vanguard SNL.