Engelhardtsen News

Stolt-Nielsen Limited announced Jens F. Grüner-Hegge has been appointed as its new Chief Financial Officer, effective from April 2, 2018. Grüner-Hegge, who has served as Vice President, Corporate Finance since 2007, succeeds longtime CFO Jan Chr. Engelhardtsen, who will retire from his executive role and has been appointed to fill a vacancy on the company’s board of directors. With the addition of Engelhardtsen as a director, the SNL Board now has seven members, four of which are independent.

The Department of Engineering Cybernetics at the Norwegian University of Science and Technology (NTNU) is leading a new Knowledge-Building Project for Industry that will study collision avoidance for advanced ships. The AUTOSEA project is sponsored by the Research Council of Norway with DNV GL, Kongsberg Maritime and Maritime Robotics as industry partners. The Maritime industry has seen an increasing focus on safety and reliability over many decades. Still the accident and casualty rates are high compared to other industries and numerous studies indicate that the majority of these accidents are caused by human errors. Recent advances…

Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured bonds in the Norwegian bond market with a minimum amount of NOK 700 million ($89 million). Proceeds will be used for general corporate purposes. The offering will be made to (i) Norwegian professional investors and eligible counterparties as defined in the Norwegian Securities Trading Regulations Sections 10-2 to 10-4, (ii) to non-"United States persons" in "offshore transactions" within the meaning of Rule 902 under the Securities Act of 1933, as amended (the "Securities Act"), and (iii) "Qualified Institutional Buyers" pursuant to Rule 144A of the Securities Act. The bonds may not be purchased by, or for the benefit of, persons resident in Canada.

Private equity has pumped $32 bln into shipping in past 2 years. Ships totaling 299 mln dwt to enter global fleet from May. Some private equity-backed shipping IPOs have been put off on weak sentiment. The shipping industry faces a looming capacity glut as billions of dollars pumped into it by private equity have stoked a vessel-buying spree, threatening its prospects just as the sector is emerging from its worst downturn in three decades. Backed by private equity and hedge fund financing, shipping companies have placed orders for thousands of new ships over the past two years, reminiscent of the ship-ordering binge of the mid-2000s that eventually led to overcapacity after the global financial crisis severely hit cargo demand.

Stolt-Nielsen Limited (Oslo Bors: SNI) announced today that a presentation and video webcast to discuss the company's unaudited results for the first quarter of 2014 will be held on Thursday, April 03, 2014 at 3 p.m. CEST (9 a.m. EDT, 2 p.m. BST) in the auditorium at Swedbank, Filipstad Brygge 1, 0115, in Oslo, Norway. The presentation and video webcast will be hosted by Niels G. Stolt-Nielsen, Chief Executive Officer, Stolt-Nielsen, and Limited- Jan Chr. Engelhardtsen, Chief Financial Officer, Stolt-Nielsen Limited. sentations.aspx.

Stolt-Nielsen Limited (Oslo Børs: SNI)  has obtained commitments for a $600 million senior secured revolving credit facility, which will replace the Company's two existing revolving credit lines maturing in July 2012 and January 2013 respectively. The facility will be secured by ships in the Company's fleet, and the financial covenants are in line with the Company's standard covenants. The facility, which was oversubscribed, consists of a consortium of nine banks. Closing is expected to take place in January 2012 and the new facility will mature in January 2018. Commenting on the refinancing, Mr. Jan Chr. Engelhardtsen, Chief Financial Officer of SNL…