Stolt-Nielsen Reports 4Q & FY11 Unaudited Results

press release
Thursday, January 26, 2012

Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2011.


Stolt-Nielsen Limited has reported unaudited results for the fourth quarter and full year ended November 30, 2011.  Net profit attributable to shareholders in the fourth quarter was $22.2 million, with revenue of $512.9 million, compared with $22.4 million and $529.8 million, respectively, in the third quarter of 2011. Net profit attributable to shareholders for the full year was $108.2 million, with revenue of $2,029.4 million, compared with $106.1 million and $1,793.7 million, respectively, in 2010.


 
Highlights for the fourth quarter of 2011, compared with the third quarter of 2011, were:

• Stolt Tankers reported an operating profit of $7.0 million, up from $6.6 million.
• The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was unchanged at 1.08.
• Stolthaven Terminals reported an operating profit of $18.0 million, up from $15.8 million, reflecting the impact of the acquisition of Marstel Terminals and the opening of its new terminal in Singapore, both in the fourth quarter. 
• Stolt Tank Containers reported an operating profit of $19.7 million, up from $18.2 million, driven mainly by lower operating costs.  The quarter included a $2.0 million write-off relating to the withdrawal from the flexitank business.
• Stolt Sea Farm reported an operating loss of $1.9 million, compared with an operating profit of $0.4 million, as turbot prices weakened for the second consecutive quarter.  The quarter included a negative impact of $4.3 million from the accounting for inventories at fair value compared with a negative impact of $4.0 million in the third quarter.
• Stolt-Nielsen Gas reported equity income of $2.5 million on its investment in Avance Gas Holding Ltd (AGHL), compared with equity income of $0.3 million, as conditions in the very large gas carrier (VLGC) market strengthened during the period.
 
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNL, said, "Operating results at Stolt Tankers continued to be held down by an oversupply of tonnage and continued soft market conditions.  In contrast, Stolthaven Terminals and Stolt Tank Containers both reported strong operating results for the quarter and the year.  Stolt Sea Farm had a good year overall, though it ended on a weak note due to falling turbot prices toward the end of the quarter."
 
"We expected 2011 to be a tougher year than 2010 and we were spot on.  However, we also believed that the turnaround in the tanker market would come in 2012, which now looks a little optimistic."
 
"The outlook for 2012 remains challenging.  The question is, will the western economies be able to gain control over their budgets while at the same time stimulating growth.  We anticipate continued weak demand and therefore believe 2012 will at best be a flat year for SNL.  That said, the nearly empty orderbook for sophisticated chemical tankers means that the supply of tonnage will continue to slowly tighten, resulting in a strong parcel tanker market once the global economy recovers, hopefully in 2013.  Our terminal and tank container businesses continue to perform well and we continue to invest accordingly.  Stolt Sea Farm made significant progress in 2011 toward the expansion of its sole operations, and both Stolt-Nielsen Gas and Stolt Bitumen Services are developing in line with our expectations.  As a result of these factors, combined with our financial strength and liquidity, we believe Stolt-Nielsen Limited is well positioned for the foreseeable future."
 

Maritime Today


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

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Contracts

Great Lakes Inks M.E., N.C. Coastal Protection Project Deals

Great Lakes Announces $55 Million in Subcontract Work in the Middle East and Award of $38 Million for a Domestic Coastal Protection Project Great Lakes Dredge

Olympic Subsea Vessel Bags Contract

Olympic Shipping has secured a contract for Olympic Delta, an inspection, maintenance and repair (IMR) vessel, with an international client  to work on a renewable energy project.

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Tanker Trends

Lerwick Harbor sees Seasonal Boost

The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects.

Floating Products Storage in Focus

For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report.

Russia Diesel Exports from Primorsk to Rise in May

Russia is set to export 1.256 million tonnes of ultra-low sulphur diesel from the Baltic Sea port of Primorsk in May, slightly up from 1.209 million tonnes in April, trading sources said on Friday.

Finance

Oil Price Bottoming Depends on Global Growth - IEA chief

International Energy Agency (IEA) chief Fatih Birol said on Sunday that oil prices may have bottomed but that would depend on global economic growth. Asked if oil prices had reached a bottom,

ExxonMobil 1Q Profits Plunge 63%

Highlights   * Earnings of $1.8 billion decreased 63 percent from the first quarter of 2015.   * Earnings per share were $0.43 assuming dilution.   * Cash

Shipping, Key Ingredient of EU’s Africa Agenda

The African economy has become one of the most promising global growth markets. Shipping is taking care of the largest part of international trade and in Africa

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators
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: 0.2495 sec (4 req/sec)