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

Finance

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Technip Samsung JV Wins 2 FLNG Project Contracts

The Browse project covers the realization and installation of three FLNG units to develop the Brecknock, Calliance and Torosa fields in the Browse Basin, 425 kilometers North of Broome,

Fjords Processing Bags Johan Sverdrup Contracts

Fjords Processing, headquartered in Norway (Fornebu), has won three contracts for the deliveries of process systems for the Johan Sverdrup development in the North Sea.

Container Ships

Greek Shipping Mulls Cyprus Move

Greek shipping companies are looking into moving to Cyprus due to the instability and uncertainty in Greece, it emerged, reports Cyprus News Agency.   The director

Maersk Returns to the Port of Baltimore

Maryland Lt. Governor Boyd Rutherford, along with congressional, state and local officials, officially welcomed Denmark-based Maersk Line, part of the Maersk Group

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

News

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.4818 sec (2 req/sec)