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

People & Company News

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

Modern Solutions Power Systems Conference

Thomas Alva Edison, who is considered to be one of the most prolific inventors in history, once said, “I find out what the world needs. Then I go ahead and try to invent it.

Offshore

Offshore Oil & Gas: Brazil’s Northern Frontier

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon

Safety the Focus as Heavy Lifting Picks Up

Modern heavy lift capabilities are crucial for safe, efficient operations offshore Heavy lift operations offshore are an awe-inspiring feat, but an operation that

Azeri Shipyard, BP Sign Vessel Construction Contract

Azeri state energy company SOCAR's shipyard and British oil major BP have signed a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project,

Tanker Trends

Global Shipping Exposed to Cyber Threats

The next hacker playground: the open seas - and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age,

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

Navios Time Charters Two Product Tankers

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that the Nave Equinox and the Nave Pulsar have been chartered out

Finance

Euronav Posts 62% Core Profit Increase

Belgian crude oil shipping group Euronav on Wednesday unveiled a 62 percent rise in first-quarter core profit as daily rates for its fleet rebounded from last year.

CNR: Innovation Maintains US Naval Advantages

An interview with Rear Adm. Matt Klunder, U.S. Navy Chief of Naval Research What are your near term, mid-term and long term science and technology (S&T) objectives?

BIMCO: Positive Economic Developments Benefits Shipping

The recovery of the Eurozone continues as job creation returns across the region. The hiring of more staff indicates that manufacturing and service industries believes

News

Global Shipping Exposed to Cyber Threats

The next hacker playground: the open seas - and the oil tankers and container vessels that ship 90 percent of the goods moved around the planet. In this internet age,

US Navy Completes Korea Ferry SAR Mission

With concurrence from South Korean commanders, the U.S. Navy amphibious assault ship USS Bonhomme Richard (LHD 6) is departing waters around Jindo, South Korea

Newport News, ODU Partner for Bachelor's Degree Program

Huntington Ingalls Industries (HII) announced today that apprentices at Newport News Shipbuilding will now have the opportunity to earn a bachelor of science degree

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1388 sec (7 req/sec)