Stolt-Nielsen Reports Unaudited Third Quarter Results

MarineLink.com
Thursday, October 03, 2013

Stolt-Nielsen Limited  reported unaudited results for the third quarter ended August 31, 2013.  Net profit attributable to shareholders in the third quarter was $21.8 million, with revenue of $521.8 million, compared with $25.7 million, with revenue of $533.8 million, respectively, in the second quarter of 2013. 

 

Net profit attributable to shareholders for the first nine months was $49.1 million, with revenue of $1,575.0 million, compared with $52.0 million, with revenue of $1,560.8 million, respectively, in the first nine months of 2012.
 


Highlights for the third quarter of 2013, compared with the second quarter of 2013, were:
 

  • Stolt Tankers reported an operating profit of $9 million, up from $5 million, as market conditions continued to slowly improve.
  • The Stolt Tankers Joint Service Sailed-in Time-Charter Index increased to 1.28 from 1.2.
  • Stolthaven Terminals reported an operating profit of $17.5 million, compared with $21.9 million. Adjusted for third-quarter proceeds of $5.5 million on business interruption insurance related to Hurricane Isaac and for a second-quarter gain of $8.3 million on the sale of a terminal in Ningbo, China, the operating profit was $12 million in the third quarter and $13.6 million for the prior quarter, with the difference primarily reflecting higher third-quarter insurance premiums.
  • Stolt Tank Containers reported an operating profit of $17.1 million, down from $20.8 million, reflecting a seasonal slowdown in activity and increased competition.
  • Stolt Sea Farm reported break-even operating results, compared with an operating profit of $7.4 million, reflecting a negative impact of $1.3 million from the accounting for inventories at fair value, versus a positive impact of $6.5 million in the second quarter.
  • Stolt-Nielsen Gas reported equity income of $4.2 million on its investment in Avance Gas Holding Ltd. (AGHL), compared with a loss of $1.7 million as freight rates recovered strongly in the current quarter. 

 

Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said: "In August, the last month of the third quarter, Stolt Tankers was profitable for the first time since 2009-a significant milestone. We expect this trend to continue, but as we have mentioned repeatedly, we expect the recovery in the parcel tanker market to be long and slow. The underlying performance fundamentals at both Stolthaven Terminals and Stolt Tank Containers remain good, though we see increased pressure on margins in these businesses. Stolt Sea Farm is also well positioned, given the favourable pricing outlook for turbot and the forthcoming production from our new sole farm inIceland, which is expected to deliver its first sole to market in early spring next year. Subsequent to the end of the third quarter, we closed on the deal between Avance Gas Holding Ltd. and Frontline 2012, which was announced on August 22. I welcome them as shareholders in AGHLand look forward to working with them to grow this company in what looks to be a very promising market segment."

 

"The outlook for SNL hinges on the future strength of the world economy and global trade."
 

 

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

Tanker Trends

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

'New Tango' Brings More Post-Panamax Ships to Charleston

New service expands Port of Charleston's capacity to serve North-South trade The SC Ports Authority today received the first ship call of a new consolidated

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Finance

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

Hurricane Ana Heads towards Hawaii

Tropical Storm Ana strengthened into a hurricane on Friday and was moving in the direction of Hawaii but was not expected to make a direct hit on the islands, the U.

Container Ships

CMA CGM Acquires 7,000 Reefer Containers

The CMA CGM Group announced it has acquired more than 7,000 of last generation 40’ High Cube Reefer containers including 6,000 low consumption engines. The CMA

'New Tango' Brings More Post-Panamax Ships to Charleston

New service expands Port of Charleston's capacity to serve North-South trade The SC Ports Authority today received the first ship call of a new consolidated

Video: E-Class Edith Mærsk on the Thames

The largest ship ever to enter the Thames arrived at DP World London Gateway, the U.K.’s new deepwater container port. The 397-meter-long, 56-meter-wide Edith Mærsk

News

Cruise Ship Returns to Texas after Ebola Concern

The Carnival Magic cruise ship was en route back to the United States on Saturday with a passenger from Texas who might have handled specimens of the first Ebola

MEPC Approves Draft Polar Code

Draft Polar Code approved by IMO’s Marine Environment Protection Committee A key step on the way to a mandatory Polar Code for ships operating in Arctic and

NMRA Awards Scholarship to Yacht Design Students

The National Marine Representatives Association (NMRA) awarded two scholarships to students pursuing careers in the field. Noah Luff of Ventura, California is one

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Simulators 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: 0.2033 sec (5 req/sec)