• 2019 October 6 11:23

    Stolt-Nielsen reports unaudited results for 3Q and first nine nonths of 2019

    Stolt-Nielsen Limited (Oslo Børs: SNI) reported unaudited results for the third quarter ended August 31, 2019. Net profit attributable to shareholders in the third quarter was $3.7 million, with revenue of $519.0 million, compared with a net profit of $3.6 million, with revenue of $518.9 million, in the second quarter of 2019. Net profit attributable to shareholders for the first nine months was $15.2 million, with revenue of $1,539.9 million, compared with $51.3 million1, with revenue of $1,599.4 million in the first nine months of 2018.

    Highlights for the third quarter of 2019, compared with the second quarter of 2019, were:

    • Stolt Tankers reported an operating profit of $15.0 million, up from $12.8 million, mainly reflecting the impact of lower operating costs.
    • The Stolt Tankers Joint Service Sailed-in Time-Charter Index edged upward to 0.54 from 0.53.
    • Stolthaven Terminals reported an operating profit of $19.5 million, compared with $19.7 million, as markets remained stable.
    • Stolt Tank Containers reported an operating profit of $12.1 million, down from $12.6 million, reflecting continued softness in markets overall.
    • Stolt Sea Farm’s operating profit before the fair-value adjustment of inventories was $2.1 million in the third quarter, up from $2.0 million in the second quarter.
    • Corporate and Other reported an operating loss of $2.0 million, compared with a loss of $2.1 million in the previous quarter.

    On September 28, an explosion and fire occurred on Stolt Groenland, while the ship was berthed in Ulsan, South Korea. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said: “We deeply regret the impact of this incident on the people that were in the vicinity of our vessel and hope for the speedy recovery of those injured. As always, safety remains our number-one priority in all that we do, and we are actively cooperating with the investigations now underway to determine the cause of this incident.”

    Commenting on the Company’s results, Mr. Stolt-Nielsen said: “Stolt Tankers’ third-quarter results were flat, supporting our belief that the chemical tanker market has bottomed out. Stolthaven’s results also held steady for the quarter. At Stolt Tank Containers, shipments were down slightly, and we are observing continued softness in markets along with price competition. Excluding the impact of fair-value adjustments, Stolt Sea Farm’s results were in line with those of the prior quarter.”

    “Looking ahead, with deliveries of new tonnage slowing, we expect the tanker market to slowly turn. At Stolthaven, we expect continued improvements in our results, driven by increased capacity and enhancements in operational performance and efficiency. At Stolt Tank Containers, the cyclical strengthening of tank container markets that we typically see at this time of year did not materialise, reflecting the combined impact of the US-China trade war, a softening of global economic conditions overall, and an oversupply of tank containers. At Stolt Sea Farm, we expect continued strong performance from turbot. In sole, the first of our two new recirculation farms will soon be stocked with juveniles, and we expect to bring its first product to market by the end of next year, with the second farm coming online in 2021.”

    “The implementation of the IMO 2020 regulations to reduce sulphur oxide emissions is now less than three months away. Based on discussions in recent contract renegotiations, we expect to recover the increase in our fuel costs through bunker-surcharge clauses, thanks to a shared understanding among all parties that it is economically unfeasible for the shipping industry to absorb these costs.”




2021 April 21

18:44 Russian President suggests providing federal infrastructure loans
18:35 MAN Energy Solutions to partner on world’s largest liquid-air energy-storage (LAES) project
18:05 Port of Dampier sets sail with 10-year roadmap
17:35 Port of Amsterdam postpones the implementation date of the Green Award requirement for river cruise ships for a year
17:33 First Candela C-7 hydrofoil delivered to customers on the US East coast
17:15 Maersk launches rail service between Gurugram and APM Terminals Pipavav Port
16:35 Wärtsilä seeks breakthrough in clean propulsion as part of Finnish consortium
16:15 BIMCO asks the IMO to improve the ballast water record book
15:14 Russian container transport giant RUSCON opens its office in the Netherlands
14:41 Shipping bodies call on world leaders to bring forward discussions on global market-based measures
14:18 Volvo Penta is now taking orders on its full Stage V marine engine range
14:13 DEME wins first floating offshore wind EPCI contract for the Leucate wind farm
13:02 S&P affirmed DeloPorts rating at B+ based on the results of 2020 with stable outlook
12:15 Korean Register launches latest ‘SeaTrust-HullScan’
11:30 MPA inks collaborations with partners to advance decarbonisation efforts
11:07 IAP on Maritime Decarbonisation unveils nine pathways to support decarbonisation in the maritime industry
10:37 European first for UK firm pioneering technology to transform shipping industry
10:27 Europe’s first Maritime value chain project for Liquid Hydrogen is short-listed as Norwegian candidate for IPCEI Hydrogen
09:51 Icebreaker assistance period ends at Passenger Port of St. Petersburg from April 21
09:30 Oil prices decrease amid returning COVID-19 risks
09:12 Baltic Dry Index as of April 20

2021 April 20

18:19 China's Sinopec successfully starts up two Dupont™ STRATCO® alkylation technology units
18:05 MINT Fund grant scheme to provide maritime technology start-ups in Singapore
17:25 MPA launches Singapore’s first Maritime Drone Estate
17:15 SEA-LNG warns against delay in addressing shipping decarbonisation
17:08 Launch of Singapore’s MDE as test bed for drone technologies
16:44 RF President signs law on long-term agreements for providing services involving nuclear-powered icebreakers
16:15 ONE launches Green Strategy Department
15:43 Solstad Offshore signs long-term contract for PSV in UK
15:20 ABS and Rainmaking to support Singapore’s decarbonization entrepreneurs
15:05 Icebreaker assistance period ends at the port of Vysotsk in the Leningrad Region
14:26 Budget allocations for construction of LNG terminal in Kamchatka Territory to exceed RUB 21 billion
14:02 Hiab to supply 37 loader cranes in Spain to maintain railway infrastructure
13:23 Alfa Laval starts testing methanol fuel cell systems for sustainable marine power supply
13:01 Bollinger Shipyards acquires Gulf Island Fabrication’s shipyard facilities
12:57 Icebreaker assistance period ends at Big Port St. Petersburg from April 21
12:30 Port of Helsinki cargo traffic up 3.6% in Q1 2021
12:11 Port of Antwerp expands its fleet with energy-efficient tugs
11:59 Investments at the Port of Gdynia – earlier than planned
11:18 Crowley completes first U.S. design for fully electric tug with autonomous technology
11:06 Admiralteiskie Verfi shipyard commences mooring trials of diesel-electric submarine named Magadan
10:35 Northern Dvina Basin Administration opens navigation season of 2021
10:07 SMW 2021: Maritime innovation in Singapore receives boost
09:48 KN and AFRY sign agreement on long-term capacity allocation and pricing model study of Lithuanian LNG terminal
09:29 Oil prices rise on OPEC+ expectations
09:12 Baltic Dry Index as of April 19

2021 April 19

18:47 550 industry leaders discussed navigating maritime industry transformation through collaboration
18:30 Offshore International joins forces with Mammoet to deliver turnkey logistical solutions
18:16 Industry collaboration to develop guidance on the safe use of Ammonia as a fuel
17:57 RFC to provide personal scholarships to naval cadets
17:36 Milaha and Schlumberger commence well stimulation vessel operations in Qatar
17:16 CMA CGM launches SERENITY deductible guarantee
17:06 Dublin Port volumes down by 15% in Q1 2021
16:49 Rosmorport continues ensuring safe pilotage of gas tankers arriving from Russian Arctic to LNG handling facility
16:30 BAR Technologies and Yara Marine partner to bring WindWings to global shipping market
16:03 4th Advanced Maritime Leaders’ Programme to focus on leadership in times of global crisis
15:37 Average spot market price for Russian M100 product fell to RUB 22,219 pmt
15:36 Wärtsilä navigation systems to secure safe and efficient operation for 10 LNG gas carriers in Arctic operations
15:15 Throughput of Port Vanino in 3M’21 rose by 7%
14:48 Ten companies and one individual recognised for contributions to Maritime Singapore at Singapore International Maritime Awards 2021