Stolt-Nielsen Off to a Good Start

Oslo-listed shipowner Stolt-Nielsen Limited reported net profit attributable in the first quarter of $38.7 million, with revenue of $487.7 million, more than doubling figures in the fourth quarter of 2014.

Stolt-Nielsen

Results for the first quarter included a gain of $16.4 million, net of tax, resulting from the curtailment of the company’s U.S. defined benefit pension plan, which was frozen on December 31, 2014.

Stolt Tankers reported an operating profit of $19 million, up from $12.5 million excluding one-time items in the previous quarter, largely reflecting the favourable net impact of lower bunker fuel prices.

Stolthaven Terminals had an operating profit of $15.6 million, up from $14 million excluding a reversal of a provision of $3.8 million in the fourth-quarter, related to the termination of a customer contract at Stolthaven New Zealand.

Stolt’s container arm  reported an operating profit of $16 million, down from $19.5 million, due primarily to the normal seasonal slowdown impacting utilisation, though margin per shipment held steady.

“The improvement this quarter derives primarily from lower bunker costs in Stolt Tankers, but also from initiatives taken to lower overall costs in the group. At Stolt Tankers, the net impact of ower bunker prices improved results, though utilisation and freight rates were down. At Stolthaven Terminals, underlying operating performance improved this quarter. Utilisation at our terminal in Santos was up. Operating results at Stolt Tank Containers reflected the impact of seasonal slowdowns, with a reduced number of shipments and lower utilisation,”  Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said.

Looking ahead, we expect to continue to benefit from lower bunker fuel prices in the second quarter, but cargo volumes must increase if we are to see any material improvement in the chemical tanker market. We have yet to see any sustained increases to date and, unfortunately, there are no indications of any improvement in the near future,” he added.

Related news

Latest news

New contract: Windcat 41 - no 17 in the Servogear series

Servogear announces the signing of a new contract with Windcat Workboats BV for the delivery of Servogear Controllable Pitch Propellers (CPP)  for their new vessel Windcat 41. 

Seacat Enterprise to be launched January 12th

Seacat Services, is preparing to launch its first High Speed Utility Vessel (HSUV), Seacat Enterprise at January 12th.

Norsafe Signs Contract with the Swedish Coast Guard (KBV)

On Wednesday 21st December, Norsafe signed yet another new contract with the Swedish Coast Guard (KBV) to deliver nine new Magnum 750 MKII boats.

A Unique Second-generation Tomograph is Developed

A new gamma-ray tomograph designed to image up to 4” diameter pipes, is developed by CMR Prototech for the Saskatchewan Research Council (SRC) in Canada.

Sohome launches a new website

Sohome has launched a new website that makes it easier to find key information. 

Sohome AS receives orders for Johan Sverdrup Project

Sohome AS is proud to be a sub-contractor to Intelecom AS for the Johan Sverdrup Project. 

New 55'' Ultra High Definition Chart and Planning table passes Type Approval testing

Most advanced maritime display system ever produced, the 55'' Ultra High Definition Chart & Planning table, enables Integrated Bridge System manufacturers to develop new multi-data solutions.

Norsafe's experience in the Polar Code Pays Off

In readiness for the introduction of the Polar code, Norsafe has become the first LSA supplier to have executed full scale tests and trials 

Øglænd System Group winner of Business of the Year Award

Øglænd System Group won the Business of the Year Award in the Stavanger-region 2016.