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 Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Gulf and Hendry Marine Consolidate Operations

Gulf Marine Repair Corporation, a southeastern tug-barge shipyard, announced it is consolidating operations with Hendry Corporation, its affiliated company and fellow shipyard,

Damen’s Norway Foray

The Damen Shipyard Group’s man in Norway likes picking up the phone these days. With offshore markets in the doldrums, a unique phenomenon is occurring: “Norwegians are talking to me,

It's All in the Planning

Continuing voracious demand for mined materials in China, India and other developing nations has led to an associated requirement for increased bulk terminal capacity


NY/NJ Port Authority Sees Debt Issuance of $1.2 bln in 2016

The Port Authority of New York and New Jersey sees consolidated debt issuance of $1.2 bln in 2016 compared with $1.5 bln this year, according to its $7.9 billion 2016 budget released on Monday.

Opportunities for Growth as Chinese Economy Evolves

The global breakbulk and heavy-lift markets have had to navigate choppy waters in recent years.   Not necessarily due to a shortage of freight, but as a consequence of unsustainably low freight rates.

EuronavSells Suexmax Cap Laurent

Euronav NV announced the sale of its Suezmax Cap Laurent for $22.25 million. The 1998-built 146,145-dwt vessel was wholly owned by Euronav.    The vessel was

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Salvage Ship Electronics Ship Simulators 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: 0.1017 sec (10 req/sec)