Stolt-Nielsen Limited Reports Results

Press Release
Thursday, April 04, 2013
Photo: Stolt-Nielsen

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.


 
Highlights for the first quarter of 2013, compared with the fourth quarter of 2012, were:
 

  • Stolt Tankers reported an operating loss of $2.8 million, compared with an operating profit of $2.6 million, reflecting lower revenue and higher operating costs, and $2.0 million of one-time charges
  • 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.  Current results reflect one-time net gains of $6.9 million, compared with one-time net gains   of $7.4 million in the fourth quarter.
  • Stolt Tank Containers reported an operating profit of $15.2 million, down from $17.5 million, reflecting increases in both ocean and inland freight rates. The current quarter also included a $1.3 million tax provision relating to prior years.
  • SSF reported an operating loss of $0.1 million in the first quarter, compared with a fourth-quarter operating loss of $2.0 million, excluding a $6.5 million fair value gain on the acquisition of the Acuidoro farm.
  • Stolt-Nielsen Gas reported a loss of $1.2 million on its investment in Avance Gas Holding Ltd. (AGHL), compared with equity income of $0.1 million in the fourth quarter, as conditions in the LPG transportation market weakened.


Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said, "Stolt-Nielsen Limited's poor first-quarter results were largely attributable to a loss at Stolt Tankers, where overall market conditions remain weak.  Higher trading and operating expenses further depressed tanker earnings this quarter.  Both Stolthaven and Stolt Tank Containers continue to perform well, though STC's operating results were down modestly from the prior quarter due to higher ocean freight, inland haulage and depot costs.  Stolt Sea Farm reported a slight loss for the quarter, though performance improved from the prior period, as turbot prices have begun to strengthen...Any substantial improvement in Stolt-Nielsen Limited's performance is dependent upon a turnaround in the parcel tanker market, which, in turn, depends in part on the strength of the global economy.  As stated earlier, we expect 2013 to be a challenging year for Stolt Tankers."

 

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

People & Company News

That’s Not Coming on Board!

There’s hardly anything that can’t be shipped in a container. However, for ethical reasons, Hapag-Lloyd refuses to transport certain goods.   Anyone who regularly transports goods for third parties,

US Navy Awards $22mln Waterfront Inspection Deal

The U.S. Navy has awarded a five-year, $22 million contract to Appledore Marine Engineering, a specialist focusing exclusively on the inspection and design of marine infrastructure,

Offshore Operators Can Simplify Safety Equipment Logistics

Safety equipment manufacturer VIKING Life-Saving Equipment said its Offshore Safety Agreements are providing relief for offshore operators seeking to ensure compliance

Tanker Trends

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

SHIPPINGInsight to Focus on Ship Telematics

The subject of ship telematics will be prominently featured at the upcoming SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition, which takes place in Stamford, Conn.

NewLead's MT Nepheli Update

NewLead Holdings Ltd.announced today a review of the commercial performance of one of its bitumen tanker vessels, the MT Nepheli since the vessel was delivered to NewLead's fleet.

Finance

Dry Bulk Recovery Still a Long Way Off

The dry bulk shipping market will remain in recession due to contracting demand for iron ore and coal, and any recovery is not expected until 2017, according to

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

Cameroon Awards Kribi Deepwater Contract

Cameroon has awarded a contract for its Kribi port to a consortium led by French logistics group Necotrans, the two parties said. The deepwater port will allow

Container Ships

Recent Vessel Sales - August 2015

Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age)

Oakland Terminal Operators Propose Off-peak Hours

Marine container terminal operators at the Port of Oakland are developing a program to operate their terminal gates on Saturdays to reduce weekday congestion at the port.

That’s Not Coming on Board!

There’s hardly anything that can’t be shipped in a container. However, for ethical reasons, Hapag-Lloyd refuses to transport certain goods.   Anyone who regularly transports goods for third parties,

News

Five Chinese Ships in Bering Sea as Obama Visits Alaska

Five Chinese Navy ships are sailing in international waters in the Bering Sea off Alaska, the Pentagon said on Wednesday, in an apparent first for China's military that came as U.

White House: No Threat from China Navy Ships in Bering Sea

The Pentagon has not detected any threatening activity from the Chinese navy vessels in the Bering Sea, the White House said on Wednesday.   "Based on their analysis

Recent Vessel Sales - August 2015

Vessel sales for August 2015 (as of September 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age)

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
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: 0.5087 sec (2 req/sec)