Stolt-Nielsen Changes Accounting for Two Acquisitions

MarineLink.com
Tuesday, March 25, 2014

Stolt-Nielsen Limited announced that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the company's consolidated financial statements for 2012.

The company agreed to reverse $12.3 million of the non-cash gains on bargain purchase relating to the Acuidoro and Moerdijk acquisitions completed during 2012. The non-cash gain on bargain purchase of $4.8 million relating to the Dagenham acquisition has not been reversed.

Reference is made to Note 1 to the Condensed Consolidated Interim Financial Statements for the three months and year ended November 30, 2013 released on January 30, 2014. In the opinion of Finanstilsynet, the company's recognition of non-cash gains on bargain purchase was not in accordance with International Financial Reporting Standards (IFRS).

As required by IAS 8, the effect of the reversal of these non-cash gains on bargain purchases is shown under 2012 comparative financial information and explained more fully in Note 1 of the 2013 Financial Statements. There is no impact on the income statement for the year ended November 30, 2013.

stolt-nielsen.com
 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SUNY Maritime College Names ABS Chairs

The State University of New York (SUNY) Maritime College has selected Dr. Richard Burke and Dr. Christopher Clott as its inaugural ABS chairs following a comprehensive

Austal Starts Next US Littoral Combat Ship

Austal and the U.S. Navy held a keel-laying ceremony today for the future USS Manchester (LCS 14), marking the first significant milestone in its construction.

Conference to Delve into Hybrid Power & Propulsion

The first international Hybrid Marine Power & Propulsion Conference will be held at the RNLI Lifeboat College, Poole UK from October 6-8, 2015.   Shock Mitigation

Ship Sales

Global Ship Lease Extends Panamax Charter with X-Press Feeders

Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Orion, a 1997-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited,

Hyundai Sees Mega Ships Leading Global Demand

As the demand for mega vessels has increased, Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping

Crisis Not Affected Greek Shipping: Morgan Stanley

Most the major Greek-controlled and listed carriers are registered in Greece, and they all have their liquidity placed in banks abroad.   Morgan Stanley analyst

Finance

Savannah Port Sets Cargo Record

Port of Savannah set records for both container volumes and total tonnage in May, with the highest tonnage ever recorded in a single month.   The Port of Savannah has handled more than 338,

Multimodal Freight Bill Introduced in US Senate

Cantwell, Booker, Murray, Markey introduce freight investment legislation aiming to eliminate chokepoints at critical highway, rail, port and intermodal facilities to support economic growth,

Crowley Acquires 4,300 Pieces of Liner Equipment

In response to continuing high customer demand, Crowley Maritime Corporation’s liner services group has placed orders for additional equipment, including hundreds

News

Container Ship and LPG Tanker Collide near Surabaya

LPG tanker Navigator Aries (23,333 dwt, built 2008), and containership Leo Perdana (33,423 dwt, built 2007) collided yesterday in waters off Gresik, nearby the Port of Tunjung Perak in Surabaya,

Global Ship Lease Extends Panamax Charter with X-Press Feeders

Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Orion, a 1997-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited,

Pipavav Port Resumes Operations

Gujarat Pipavav Port (APM Terminals Pipavav) has resumed operations following improvement in weather conditions.    Last week, the port operations were suspended

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics 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: 0.2705 sec (4 req/sec)