Stoltnielsen Limited News

01 Oct 2018

Stolt-Nielsen LNG, Golar LNG and Höegh LNG in Joint $182 Million Investment

Niels G. Stolt-Nielsen (CREDIT: Stolt)

Stolt-Nielsen Limited (Oslo Børs: SNI), Golar LNG Ltd and Höegh LNG Holdings Ltd. announced a combined investment commitment of $182 million in Avenir LNG Ltd. to pursue opportunities to deliver LNG to areas of stranded demand, as well as the development of LNG bunkering capabilities.The investment will be contributed as cash and equity-in-kind and will fund the construction of six small-scale LNG carriers, a small-scale storage terminal and regasification facilities.Avenir LNG was formed by Stolt-Nielsen in 2017 to provide LNG to markets lacking access to natural gas pipelines.

03 Apr 2018

Stolt-Nielsen Names Grüner-Hegge CFO

Jens F. Grüner-Hegge is the new CFO at Stolt-Nielsen (Photo: Stolt-Nielsen)

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.

31 Jan 2017

Stolt-Nielsen's Profits Slip

Stolt-Nielsen Limited today reported unaudited results for the fourth quarter ended November 30, 2016. Net profit attributable to shareholders in the fourth quarter was $22.8 million, with revenue of $463.0 million, compared with a net profit of $22.2 million, with revenue of $474.1 million, in the third quarter of 2016. Net profit attributable to shareholders for 2016 was $113.1 million, with revenue of $1,879.9 million, compared with a net profit of $132.7 million, and revenue of $1,983.7 million in 2015. * Stolt Tankers reported an operating profit of $30.4 million, down from $31.4 million, as the chemical tanker market remained soft. * The Stolt Tankers Joint Service Sailed-in Time-Charter Index decreased to 0.72 from 0.76.

16 Nov 2016

Authorities Approve Stolt-Nielsen’s Jo Tankers Acquisition

Stolt-Nielsen Limited said it has it received competition authority approval to acquire the chemical tanker operations of Jo Tankers. The acquisition is expected to be finalized before the end of November. The transaction comprises 13 chemical tankers and a 50 percent share in a joint venture with eight chemical tanker newbuildings, representing an enterprise value of $575 million. The acquired ships would satisfy the tonnage-replacement needs of the Stolt Tankers' fleet for the next several years and add new trade routes that enhance the Company's global service capabilities. Funding for the transaction has been secured through Stolt-Nielsen Limited's main commercial banks with a combination of bridge financing, secured term loans and corporate funds.

13 Nov 2016

Flogas Britain and Stolt-Nielsen announce LNG project for Rosyth

Photo: Outokumpu Group

Flogas Britain, the UK’s leading liquefied natural gas (LNG) provider, and Stolt-Nielsen LNG Holdings Limited, a subsidiary of Stolt-Nielsen Limited (Oslo Børs: SNI), a leading global provider of bulk liquid transportation and storage solutions, announced a joint project to explore bringing LNG to areas of Scotland not served by the existing natural-gas grid. The initiative is a step towards reducing the cost of energy for homes and businesses located off the national gas network.

28 Jan 2016

Stolt-Nielsen Profits Dip

Photo Stolt Tankers

Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the fourth quarter ended November 30, 2015. Net profit attributable to shareholders in the fourth quarter was $21.4 million, with revenue of $494.6 million, compared with a net profit of $30.1 million, with revenue of $500.7 million, in the third quarter of 2015. Net profit attributable to shareholders for 2015 was $132.7 million, with revenue of $1,983.7 million, compared with $77.1 million and revenue of $2,137.9 million in 2014.

31 Dec 2015

Obituary: Christer Olsson, Stolt-Nielsen Chairman of the Board

The Board of Directors of Stolt-Nielsen Limited announced the passing of Christer Olsson, Chairman of the Board. He was 70. Mr. Olsson had served as a Director of the Company since 1993, and as Chairman of the Board since December 15, 2009, when he succeeded Jacob Stolt-Nielsen, the company's founder. The Board of Directors will elect a new chairman at the Company's Annual General Meeting in April 2016. "For more than two decades, Christer provided constructive guidance and thoughtful insights to Board discussions, helping the Company to capitalize on opportunities as well as overcome challenges," said Niels G. Stolt-Nielsen, Chief Executive Officer. "Christer has been a trusted support to me since he first was elected to the Board.

02 Jul 2015

Stolt-Nielsen's Results Show Bright Future

Logo

Stolt-Nielsen Limited today reported unaudited results for the second quarter ended May 31, 2015. Net profit attributable to shareholders in the second quarter was $42.5 million, with revenue of $500.7 million, compared with a net profit of $38.7 million, with revenue of $487.7 million, in the first quarter of 2015. Net profit attributable to shareholders for the first six months was $81.2 million, with revenue of $988.4 million, compared with $49.4 million, and revenue of $1,060.1 million, in the first half of 2014.

01 Jul 2015

Team Tankers Appoints Hans Feringa as President and CEO

Hans Feringa. Photo by U.S. Securities and Exchange Commission

Team Tankers International Ltd has appointed Hans Feringa as new President and CEO. Feringa is the former President of Stolt Tankers, a division of Stolt-Nielsen Limited. He succeeds Jens Grønning, who has left the Company. "Under Jens' leadership, Team Tankers completed a comprehensive financial restructuring and established a solid operational model," said Morten Arntzen, Team Tankers Executive Chairman. "We are delighted that Hans will now be leading Team Tankers as the company focuses on growth and expansion.

23 Jun 2015

Stolt Acquires Three Ships for European Fleet

Stolt Tankers B.V. has agreed to acquire three 5,800 dwt fully stainless steel parcel tankers from Odfjell Tankers AS. The ships, which were built in 1997-1998 and are sister ships of three tankers currently operated by Stolt Tankers, are expected to join the Stolt-Nielsen Inter-Europe Service by the end of August 2015. Further terms of the transaction were not disclosed. Commenting on the purchase, Hans P. Feringa, President of Stolt Tankers, said, "We are pleased to have acquired these well priced, high quality assets, which enhance the scale efficiency of our fleet of European regional parcel tankers. The three ships are highly specialised, with 20 duplex stainless steel tanks, ICE class 1A and fitted with nitrogen generators.

11 Jun 2015

Stolt-Nielsen, Golar LNG Form Joint Venture

Photo: Golar LNG

Stolt-Nielsen Limited and Golar LNG Limited have formed a 50/50 joint venture to pursue opportunities in small-scale LNG production and distribution, the companies announced today. Stolt-Nielsen Limited has invested in Golar LNG through open-market purchases, representing an ownership stake of approximately 2.3 percent in the company. Commenting on the investment, Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited, said, "A key element of Stolt-Nielsen's long-term strategy is diversification that leverages our core skillsets, including shipping, storage and distribution.

25 Mar 2015

Stolt-Nielsen Limited Contemplates New Bond Issue

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.

16 Feb 2015

Founder Stolt-Nielsen Passes Away

Jacob Stolt-Nielsen

Jacob Stolt-Nielsen, 83, passed away today in the company of his family at his home in Oslo. An entrepreneur and visionary of boundless enthusiasm and energy, Jacob Stolt-Nielsen founded Parcel Tankers, Inc. in 1959 and pioneered the global trade for liquid chemicals, ultimately building what is today the world's largest chemical tanker company, Stolt Tankers. worldwide. In 1972, he founded Stolt Sea Farm, a pioneer in salmon farming, which is recognised today as a leader in high-tech aquaculture, focusing on sole, turbot and sturgeon for caviar.

09 Dec 2014

Founder Retires From Stolt-Nielsen BoD

Jacob Stolt-Nielsen

Stolt-Nielsen Limited has announced that Jacob Stolt-Nielsen, the visionary entrepreneur who founded the company in 1959, will retire from the SNL Board of Directors effective December 15, 2014, thus formally concluding his career at the company, 55 years to the date of its founding. He will continue as Honorary Chairman. Mr. Stolt-Nielsen, who is 83, conceived the innovative designs that led to the creation of the first parcel tanker. After founding Parcel Tankers, Inc. in 1959…

19 Nov 2014

Stolt-Nielsen Buys One Million of Its Common Shares

Stolt-Nielsen Limited announced today that on November 18, 2014, it agreed to purchase one million of its common shares through a private tender of shares at a price of NOK 110 per share. The shares are purchased in accordance with the buyback program announced on November 18, 2014. Upon completion of the transaction, Stolt-Nielsen Limited will hold 7,026,994 of its common shares, representing 10.96% of the total number of issued common shares in the company.

29 May 2014

Stolt-Nielsen Gas Takes Major Stake in LNG Logistics Start-Up

Courtesy Stolt-Nielsen Limited

Stolt-Nielsen Limited (Oslo Børs: SNI) announced today that Stolt-Nielsen Gas Ltd. (SNG), SunLNG Holding Ltd. (SunLNG) and LNGaz Ltd. have agreed to form a new start-up focused on the development of small-scale LNG liquefaction and logistics services in Bécancour, Québec, Canada. The new joint venture, to be named Stolt LNGaz Ltd., will have a Canadian operating subsidiary, Stolt LNGaz Inc. The transaction represents an initial investment of US$ 20 million with SNG owning 50% of the venture.

28 May 2014

Stolt-Nielsen Takes Stake in LNG Logistics Startup

Stolt-Nielsen Limited has announced  that Stolt-Nielsen Gas Ltd. (SNG), SunLNG Holding Ltd. (SunLNG) and LNGaz Ltd. have agreed to form a new startup focused on the development of small-scale LNG liquefaction and logistics services in Becancour, Quebec, Canada. The new joint venture, to be named Stolt LNGaz Ltd., will have a Canadian operating subsidiary, Stolt LNGaz Inc. The transaction represents an initial investment of US$ 20 million with SNG owning 50% of the venture. Stolt LNGaz intends to provide clean burning natural gas to remote mining operations and other industrial customers in northeast Canada at a substantially lower cost than diesel and residual fuel oil, which are the primary energy sources today.

22 May 2014

Stolt-Nielsen, Trafigura Partners in Bitumen Terminal

Photo courtesy of Stolt-Nielsen

Trafigura Beheer BV, an  international commodities trading and logistics company, has announced that it has joined forces with the global bulk-liquid transportation, storage and distribution services firm, Stolt-Nielsen Limited, to develop a new bitumen distribution centre at Stolthaven Terminals’ Dagenham site, east of London. Trafigura is expecting to invest a minimum of GBP 15 million over ten years in this significant long-term bitumen storage arrangement. The project will see the development of a new storage area at the terminal…

03 Apr 2014

Stolt-Nielsen Reports "Disappointing" Q1 Results

Photo: Stolt-Nielsen

Stolt-Nielsen Limited today reported unaudited results for the first quarter ended February 28, 2014, which included lower cargo volumes and down profits in most markets. Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516.7 million, compared with $36.7 million, with revenue of $524.5 million, respectively, in the fourth quarter of 2013, the company said. Commenting on the company's results, Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited…

25 Mar 2014

Stolt-Nielsen Changes Accounting for Two Acquisitions

Stolt-Nielsen Limited announced that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the company's consolidated financial statements for 2012. The company agreed to reverse $12.3 million of the non-cash gains on bargain purchase relating to the Acuidoro and Moerdijk acquisitions completed during 2012. The non-cash gain on bargain purchase of $4.8 million relating to the Dagenham acquisition has not been reversed. Reference is made to Note 1 to the Condensed Consolidated Interim Financial Statements for the three months and year ended November 30, 2013 released on January 30, 2014.

24 Mar 2014

Stolt-Nielsen to Present Q1 Results

Photo: Stolt-Nielsen

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.

12 Mar 2014

Gas tanker firm Avance announces Oslo IPO

Gas tanker operator Avance Gas Holding is planning an initial public offering (IPO) and aims to list its shares on the Oslo Bourse in April, one of its owners said on Wednesday, joining a flurry of Nordic firms planning stock market debuts. "As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities, and in addition, the three major shareholders are considering selling shares in order to facilitate sufficient share liquidity," Stolt-Nielsen Limited said. Avance Gas was formed by a merger of shipping assets from Stolt-Nielsen, Frontline 2012 and Sungas Holdings, and the fleet consists of six very large gas carriers (VLGC), with eight further new-buildings on order.

30 Jan 2014

Stolt-Nielsen Reports Improved Fourth Quarter

Photo: Stolt Tankers

Stolt-Nielsen Limited has reported unaudited results for the fourth quarter ended November 30, 2013. Net profit attributable to SNL shareholders in the fourth quarter was $36.7 million, with revenue of $524.5 million, compared with $21.8 million, with revenue of $521.8 million, respectively, in the third quarter of 2013. Net profit attributable to shareholders for 2013 was $85.8 million, with revenue of $2,099.5 million, compared with $70.2 million, with revenue of $2,071.7 million, respectively, in 2012.

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