Stolt-Nielsen Confirms Strong Third Quarter
Stolt-Nielsen Limited has reported unaudited results for the third quarter ending August 31, 2023 including a net profit of $90.1 million with revenue of $694.4 million.This compares with a net profit of $8.3 million, with revenue of $721.9 million, in the second quarter of 2023. The second quarter included an incremental loss provision of $155.0 million (net profit impact of $105 million) related to the loss of the MSC Flaminia after a fire onboard in 2012.The net profit for the nine months of 2023 was $198.2 million with revenue of $2…
Nordic Shipholding A/S Releases First Quarter Results
Nordic Shipholding A/S announced its first quarter financial results for 2013. The company has had a moratorium on its product tanker debt in the past years and has therefore been in close dialogue with its banks and several potential solutions to the company’s financial problems have been considered. However, the banks have in Q1 of this year notified the company that installments and loan covenants are only deferred until June 30, 2013. As a consequence of this, the company has by the end of 2012 written-down the value of its vessels to an estimated market level of $123 million, accordingly, the share capital is lost, and the debt is reclassified as short-term. Both the company and the company's banks are in firm discussions with potential investors regarding potential equity injections.
Nordic Tankers: Weak Rates Drive Revenues Down
In its summary of interim report Q3 2011, Nordic Tankers said that in the third quarter of 2011 the time charter equivalent (TCE) revenue dropped back to the low levels of the first quarter of 2011. The main reason was the continued weak freight rates, a result of low general market activity combined with a slow summer market in the first two months of the quarter. EBITDA was $0.7 million in Q3 2011, down from $4.8 million in Q2 2011. Nevertheless compared to the first nine months of 2010 both revenue and EBITDA have developed positively, the primary reason being an improved leverage of the cost base. Year to date the TCE revenue in Nordic Tankers increased by $23.5 million to $74.1 million compared to the same period in 2010 ($50.6 million).
