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

People & Company News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

Container Ships

Container Ship Runs Aground at Fremantle Port

A ship that ran aground at Fremantle Port early Saturday has been refloated. The 62,000-tonne Denmark-registered container ship Maersk Garonne became stuck in soft sand about 500m off South Mole.

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
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: 0.2877 sec (3 req/sec)