LONDON--(Marketwire - Oct 4, 2012) - Stolt-Nielsen Limited (Oslo Børs: SNI) today
unaudited results for the third quarter ended August 31, 2012. Net
attributable to shareholders in the third quarter was $7.1 million, with
of $516.4 million, compared with $37.0 million and $538.8 million,
in the second quarter of 2012.
Highlights for the third quarter of 2012, compared with the second
* Stolt Tankers reported an operating loss of $0.8 million, compared with
an operating profit of $4.5 million, excluding the second-quarter gain of
$24.5 million on insurance compensation related to the loss of Stolt Valor,
as global market conditions remained weak.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index was
1.12, compared with 1.18 in the second quarter.
* Stolthaven Terminals reported an operating profit of $12.2 million,
down from $18.1 million, due in part to a $2.3 million provision towards
expenses related to the flooding of Stolthaven New Orleans by Hurricane
Isaac, and lower income from joint ventures.
* Stolt Tank Containers reported an operating profit of $20.1 million, up
from $19.6 million, due to a $3.0 million reduction in depreciation
resulting from a change to the salvage value of its tank containers.
* Stolt Sea Farm reported an operating loss of $1.4 million, compared
with an operating profit of $1.8 million, reflecting lower revenue and a
negative impact of $1.3 million from the accounting for inventories at fair
value, versus a positive impact of $1.4 million in the preceding period.
* Stolt-Nielsen Gas reported equity income of $1.1 million from its
investment in Avance Gas Holding Ltd (AGHL), compared with a loss of $0.9
million in the second quarter, as the LPG transportation market continued
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief
Officer of SNL, said:
"Stolt-Nielsen Limited's weakened result in the third quarter
underlying weakness in the parcel tanker market driven by a slowing
economy. Stolt Tankers reported an operating loss, as overall market
remained soft and unscheduled drydockings resulted in fewer sailing days.
results at Stolthaven Terminals were attributable to a provision taken
the costs from the flooding of our New Orleans terminal due to Hurricane
At Stolt Tank Containers, excluding the change to the salvage value
containers, results were slightly down. However, fundamentals remain
Stolt Sea Farm reported an operating loss due to a negative
adjustment, but revenues were also down on seasonally lower volumes
bright spot to report is the strengthening VLGC market."
"Managing our business with conservative assumptions about the global
recovery has put us in a position to pursue unique opportunities as and
 The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an
measurement of the sailed-in rate for the Joint Service and was set at
the first quarter of 1990 based on the average sailed-in time-charter
the fleet at the time. The sailed-in rate is a measure frequently
shipping companies, which subtracts from the ships' operating
variable costs associated with a voyage, primarily commissions,
external time charter expenses, transshipments, port costs, and bunker
This information is subject of the disclosure requirements pursuant to
5-12 of the Norwegian Securities Trading Act.
Stolt-Nielsen Limited 3Q12 Earnings Results:
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Source: Stolt-Nielsen Limited via Thomson Reuters ONE