Stolt-Nielsen S.A. Reports Unaudited Results For the Third Quarter
and First Nine Months of 2009
(Thomson Reuters ONE) - LONDON, October 6, 2009 - Stolt-Nielsen S.A. (Oslo Børs: SNI) todayreported unaudited results for the third quarter and nine monthsended August 31, 2009.Highlights for the third quarter of 2009 compared with the secondquarter of 2009 included:* Net profit attributable to shareholders increased to $30.9 million from $27.7 million.* Revenue rose to $429.1 million from $393.3 million.* Stolt Tankers reported an operating profit of $14.2 million, up from $1.7 million, driven by customer inventory replenishment and rising demand in China and other Asian markets.* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased by 10.1% to 1.20 from 1.09.* Stolthaven Terminals reported an operating profit of $14.0 million, up from $11.9 million, reflecting growth in both revenue and equity income from joint ventures.* Stolt Tank Containers reported an operating profit of $13.2 million, down from $18.4 million, as margins narrowed due to higher ocean freight costs and increased price competition.* Stolt Sea Farm reported an operating profit of $0.5 million, down from $4.9 million. Results were negatively affected by a $1.2 million reduction in the fair market value of inventories, compared with a $4.0 million increase in the prior quarter.Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen,Chief Executive Officer of SNSA, said:"SNSA's third-quarter results in tankers were stronger than expected. Our performance in tankers reflected a pickup in chemical exports toChina, driven in part by the effects of China's economic stimulusprogramme. A substantial portion of the specialty-chemical volumeswe carried to Asia this quarter originated in the U.S. Gulf, wherethe weak dollar and low natural gas prices have made U.S. exportsmore competitive. The tank container division's third-quartermargins were squeezed as a large number of container ships were laidup, which reduced supply and resulted in higher ocean freight cost.Terminals' profits continued to grow as more capacity wascommissioned.""Despite the strength of our third-quarter performance, we continueto believe that 2010 and 2011 will be challenging years for thechemical tanker industry. The strength of the economic recovery andthe fundamentals of supply and demand remain the key issues. Weexpect growth in global demand to be more than offset by theincreased supply of ships, as a large number of newbuildings isexpected to enter the market. This imbalance will persist until moreships are recycled, or until we see a material and sustained surge inglobal trade, either of which could take up to 24 months. The impacton the more sophisticated parcel tanker niche may be less dramatic asthe newbuilding orderbook is more in line with the expected growth indemand."[1] The Stolt Tankers Joint Service ("STJS") Sailed-in Time-CharterIndex is an indexed measurement of the sailed-in rate for the JointService and was set at 1.00 in the first quarter of 1990 based on theaverage sailed-in time-charter result for the fleet at the time. Thesailed-in rate is a measure frequently used by shipping companies,which subtracts from the ships' operating revenue the variable costsassociated with a voyage, primarily bunker cost, port costs, sublets,transshipments and commissions.In the third-quarter of 2009 Stolt-Nielsen Inter Caribbean Servicewas separated from the STJS and will be treated as a regionalsmall-tanker service going forward. The impact on the STJS sailed-inindex was positive 2.3% for the quarter. Without this change theindex would have been 1.17. We do not consider this change to bematerial and have therefore not restated prior periods' index values.http://hugin.info/154/R/1345860/323143.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.10.2009 - 07:55 Uhr
Sprache: Deutsch
News-ID 6596
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