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

People & Company News

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Contracts

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

Tanker Trends

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Finance

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Continership Alliance Expands to US Trades

The CKYHE Alliance (COSCO, "K" LINE, Yang Ming, Hanjin Shipping, and Evergreen Line) has announced they will expand their cooperation scope to U.S. Trades and CKYHE

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.1809 sec (6 req/sec)