Stolt-Nielsen S.A. Reports Unaudited 1Q Results

Stolt-Nielsen S.A. reported unaudited results for the first quarter ended February 28, 2007. According to the company:

-- Operating revenue of $407.9 million for the quarter, compared with operating revenue of $382.5 million for the first quarter of 2006.

-- Net income of $105.5 million (including $44.3 million gain on sale of Southern bluefin tuna business and $21.8 million for the 25% interest in Marine Harvest), compared with net income of $47.9 million for the same quarter last year.

-- Stolt-Nielsen Transportation Group (SNTG) operating income was $49.6 million, compared with $50.2 million for the same quarter last year.

-- Stolt Tankers Joint Service Sailed-in Time-Charter Index was 1.32, down from 1.34 reported in the fourth quarter of 2006 and slightly improved from 1.30 reported in the first quarter of 2006.

-- SSF's turbot operations continued to benefit from strong market conditions, higher prices and lower costs.

"The first quarter of 2007 has seen good performances from our tank container and terminal divisions. Results for parcel tankers were impacted by higher costs, primarily due to the effects of operational delays caused by bad weather and port congestion and an increase in ship management costs, as well as weakness in the transatlantic west market. However, parcel tanker overall spot rates were strong and contract renewals were up 5% on average during the quarter. SSF's turbot operations continue to deliver good results," said Niels G. Stolt-Nielsen, CEO of SNSA.

"As I said in the statement accompanying our fourth quarter 2006 results, we continue to expect some volatility in our parcel tanker operations in the current year, due to shifting trade patterns and new tonnage entering the market, however the trends in recent months for most trade routes in the parcel tanker spot market have been positive, as a result of strong demand for chemicals and the impact of the new IMO regulations. Our tank container division is expected to maintain its good performance this year and we believe that our terminal operations will benefit from our ongoing expansion programs. All three SNTG divisions are being positioned via substantial investments to participate in what we perceive to be significant growth opportunities in the Middle East Gulf and Asian markets. We expect SSF's turbot operations to continue to post strong results. A continuance of the high level of legal advisor costs experienced last year is likely until the antitrust-related issues are resolved."