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

People & Company News

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

MacGregor Reorganizes into 7 Operative Divisions

MacGregor, part of Cargotec, announces changes in its operative structure and starts a reorganization into seven operative divisions which will become effective on January 1, 2015.

Iridium Partners with Trimble to Support Expansion

Iridium Communications Inc. announced an agreement with Trimble that expands the company's use of satellite communications in its core Transportation and Logistics

Tanker Trends

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

FMT Orders Another Towboat from Eastern Shipbuilding

Eastern Shipbuilding Group, Inc. is pleased to announce that Florida Marine Transporters, Inc. of Mandeville, LA exercised another additional 90’x32’x10’ “Canal

Container Ships

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Iridium Partners with Trimble to Support Expansion

Iridium Communications Inc. announced an agreement with Trimble that expands the company's use of satellite communications in its core Transportation and Logistics

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

News

Documentary Examines Shipbreaking Practices in Bangladesh

Toxic ships for Bangladesh: TV documentary on German ship owners and their shipbreaking practices A new documentary titled "Giftiger Tankerschrott für Bangladesch

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

Interferry Applauds IMO Consideration of BWTS Exemption

Interferry has praised a decision made at last week’s meeting of the IMO Marine Environment Protection Committee (MEPC) that could exempt certain ferry operators

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics 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: 0.2091 sec (5 req/sec)