Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter of 2011
(Thomson Reuters ONE) -
LONDON, July 7, 2011 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the second quarter ended May 31, 2011. Net profit
attributable to shareholders in the second quarter was $32.4 million, with
revenue of $528.0 million, compared with $31.2 million and $458.7 million,
respectively, in the first quarter of 2011.
Highlights for the second quarter of 2011, compared with the first quarter of
2011, were:
* Stolt Tankers reported an operating loss of $3.5 million, compared with an
operating loss of $1.0 million, reflecting an impairment taken related to
assets held for sale and the impact of sharply higher bunker fuel costs,
port congestion and resulting delays.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] decreased to
1.05 from 1.09.
* Stolthaven Terminals reported an operating profit of $15.7 million, down
from $16.5 million, reflecting the impact of tanks taken out of service for
maintenance as well as due diligence costs incurred related to recent
acquisition projects.
* Stolt Tank Containers reported an operating profit of $18.9 million, up from
$18.5 million, as market conditions remained strong.
* Stolt Sea Farm reported an operating profit of $9.3 million, up from $1.5
million, reflecting the positive impact of $5.9 million from the fair value
accounting for inventories, compared with a negative impact of $1.9 million.
* During the quarter, Stolt Bitumen Services recorded a $5.2 million gain on
the sale of a 5,900 dwt bitumen tanker, sold shortly after delivery from the
yard.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of SNL, said:
"The chemical tanker market continues to slide sideways, and the increases we
see in the freight rates are not sufficient to offset the increasing operating
costs and higher bunker fuel costs. At Stolt Tankers, results were impacted by a
write-down in value related to a ship and a barge that are to be sold.
Stolthaven Terminals had another good quarter. Reported results were held down
by increased maintenance and due diligence related project costs. Stolt Tank
Containers continued to benefit from good market conditions, with the ongoing
integration of new tanks into STC's global fleet proceeding well. Stolt Sea
Farm reported record results for the quarter, as turbot prices rose to their
highest levels in three years."
"In May, Stolt Sea Farm secured three new land-based farm sites that will enable
us to significantly expand our production of sole. A sole farm will be
established in Barbate and a sole hatchery will be built in Puerto Santa Maria,
both close to the port of Cadiz, Spain. In addition, Stolt Sea Farm has secured
land in Iceland, with the intention of using warm water from a geothermal plant
to achieve the optimal water temperature for sole farming. It is estimated that
once farming licenses have been obtained, sole production capacity at the
secured sites will be close to 5,000 metric tons when fully operational some
time toward the end of 2015."
"Subsequent to the close of the quarter, we announced that SNL had agreed to
acquire a majority stake in Marstel Terminals, a privately held network of nine
bulk-liquid storage facilities in Australia and New Zealand. The acquisition is
expected to be completed by September of this year."
"Also in June, SNL completed the successful placement of a NOK 1.6 billion (USD
300 million) five-year senior unsecured bond issue, the net proceeds of which
will be used for funding of expansion opportunities and general corporate
purposes. The issue provides us with additional liquidity on attractive terms
and gives SNL added financial flexibility for investments without having to rely
solely on secured bank financing."
"Our outlook for Stolt-Nielsen Limited remains unchanged. For tankers, market
conditions for the rest of 2011 and 2012 are expected to remain soft, and we do
not expect a significant recovery in earnings before 2013, however, we expect
our terminal and tank container businesses to perform well driven by solid
fundamentals. We expect the growth of our new businesses, Stolt-Nielsen Gas and
Stolt Bitumen Services to contribute positively to the bottom line. With the
additional sites in Stolt Sea Farm, we expect the division's contribution to
become more significant."
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[1] 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.
Stolt-Nielsen Limited 2Q11 Results:
http://hugin.info/154/R/1529022/464590.pdf
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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
[HUG#1529022]
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Datum: 07.07.2011 - 08:31 Uhr
Sprache: Deutsch
News-ID 56200
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Kategorie:
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