2013-10-03 08:35:02 -
LONDON, October 3, 2013 - Stolt-Nielsen Limited (Oslo Børs: SNI) today 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
* Stolt Tankers reported an operating profit of $9.0 million, up from $5.0
million, as market conditions continued to slowly improve.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index increased to
1.28 from 1.20.
* 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 $12.0 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
* 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
 The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed
measurement of the sailed-in rate for the Joint Service and was set at 1.00 in
the first quarter of 1990 based on the average sailed-in time-charter result for
the fleet at the time. The sailed-in rate is a measure frequently used by
shipping companies, which subtracts from the ships' operating revenue the
variable costs associated with a voyage, primarily commissions, sublets,
external time charter expenses, transshipments, port costs, and bunker fuel.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
SNL 3Q13 Earnings Press Release:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Stolt-Nielsen Limited via Thomson Reuters ONE