Stolt-Nielsen Reports Strengthened Financial Performance

Press Release
Thursday, July 05, 2012

Stolt-Nielsen reports (unaudited) results for Q2 & first half year 2012

Net profit attributable to shareholders in the second quarter was $37.0 million, with revenue of $538.8 million, compared with $8.0 million and $505.7 million, respectively, in the first quarter of 2012.  Net profit attributable to shareholders for the first six months was $45.0 million, with revenue of $1,044.4 million, compared with $63.6 million and $986.6 million, respectively, in the first half of 2011.

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

•    Stolt Tankers reported an operating profit of $29.0 million, reflecting a net gain of $24.5 million on insurance proceeds related to the loss of MT Stolt Valor following the incident in the Persian Gulf in March.  Net of this gain the operating profit was $4.5 million for the current quarter, compared with an operating loss of $8.6 million.
    •    The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased to 1.18 from 1.05, reflecting improved freight rates and utilisation in terms of tons carried per day.
    •    Stolthaven Terminals reported an operating profit of $18.1 million, compared with $23.3 million.  The previous quarter included a one-time gain of $5.8 million in connection with the acquisition of the Moerdijk terminal in the Netherlands.
    •    Stolt Tank Containers reported an operating profit of $19.6 million, up from $19.2 million, as the impact of strong global demand was largely offset by increased freight rates and repositioning costs.
    •    Stolt Sea Farm reported an operating profit of $1.8 million, compared with an operating loss of $2.7 million, reflecting a positive impact of $1.4 million from the accounting for inventories at fair value in the second quarter, versus a negative impact of $4.3 million.
    •    Stolt-Nielsen Gas reported a loss of $0.9 million on its investment in Avance Gas Holding Ltd (AGHL), compared with a loss of $1.2 million, reflecting an improving freight market for the transportation of LPG.

Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNL, said:
 
"Stolt-Nielsen Limited's performance strengthened slightly in the second-quarter.  Excluding the insurance gain on Stolt Valor, the improvement was attributable primarily to better operating results at Stolt Tankers, driven by improved COA freight rates and higher utilisation in terms of tons carried per day.  Both Stolthaven Terminals and Stolt Tank Containers once again reported solid results for the latest period.  Operating results at Stolt Sea Farm reflected increased sales of turbot, partially offset by seasonally lower sales of caviar."

 

 

 

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

People & Company News

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Finance

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

China's Navy Drills in South China Sea

China said it conducted air and sea drills in the South China Sea on Tuesday as it stakes an increasingly assertive claim to virtually the whole sea despite rival claims by neighbours.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Simulators 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: 0.1628 sec (6 req/sec)