Looking for a specific product?

Make a search for products & suppliers, articles & news.

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

The LNG Fuel Finder – a new service for LNGi

The question of bunkering availability is still a major stumbling block for...

DNV GL releases the new issue of MARITIME IMPACT magazine

“At the same time, our industry is under increasing societal and regulatory pressure to reduce the environmental impact of vessels. 

Biggest feed barge delivery ever

At the shipyard in Gdynia Poland, 7 feed barges were recently loaded onboard the vessel Jumbo Vision. The barges are destined for Canada and will be operational this summer. 

Max Planck and CMR cooperation

Scientists at Christian Michelsen Research are currently developing, together with colleagues from the Max Planck Institute for Iron Research (Germany), the Field Kelvin Probe (FKP). This FKP will enable contactless detect...

Consilium equips 48 buildings in Galway, Ireland, with lifesaving panels

Consilium Building Safety has received a strategical order from our Irish distributor...

CADCAM options for the open-minded

“Naval architects log into the Vestdavit digital library and can download exactly what they need within a couple of minutes,

DNV GL COMPIT Award 2017 for smart underwater robotics

Marco Bibuli was announced as the winner of the DNV GL COMPIT Award 2017, which took place in Cardiff this year. The Italian maritime robotics expert, working at the Italian research centre CNR-ISSIA in Genova, was honoure...

Record Number Applications for the Innovation Award!

A total of 28 applications for the Nor-Fishing Foundation Innovation Award, – which includes a check for NOK 100 000 – has been received by the deadline the 1st of May. This represents a 36% increase from record year ...

Midt-Norsk Havbruk and Plastsveis enter into agreement to build smolt facility

“We have followed the development of technology for smolt production carefully for several years,