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

People & Company News

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Scrap Metal Exporter Pens Terminal Agreement

Port Canaveral Scrap Terminal LLC (PCST), a bulk ferrous scrap exporter, has signed a lease with the Canaveral Port Authority to operate a terminal in the north cargo area at Port Canaveral.

Offshore

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Brazil AHTS Contract Breakthrough for Havyard

Havyard says it is to deliver the ship design and equipment for four anchor handling tug supply (AHTS) vessels that are to be built and operated by the Brazilian

EOC Takes Full Ownership of OSVs

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore,

Tanker Trends

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

Stena, Sonangol Launch Training Facility in Angola

The Centro De Formação Maritima De Angola (CFMA) was officially launched on August 27 by top management from Sonangol, the Angolan public sector energy company and the Stena Group of Sweden.

Iraq to Appeal US Court Decision on Kurdish Oil

The Iraqi oil ministry said on Thursday it would challenge a U.S. court decision that stopped U.S. Marshals from seizing some one million barrels of disputed Kurdish oil docked near Texas.

Finance

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

Container Ships

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

Hamburg Süd Christens Containership in S. Korea

Hamburg Süd yesterday celebrated the christening of its new containership San Christobal with customers and business partners at the Hyundai Heavy Industries shipyard in Ulsan, South Korea.

Nine Share in US$6-B DoD Contract Modifications

The US Department of Defense informs that nine companies have each been awarded indefinite-delivery/indefinite-quantity fixed-price option-year two modifications

News

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

East and South China Sea Disputes Need Creative Diplomacy

China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.2438 sec (4 req/sec)