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Stolt-Nielsen Limited Reports Unaudited Results For The Third Quarter And First Nine Months Of 2013

Stocks in this article: SNI

LONDON, Oct. 3, 2013 (GLOBE NEWSWIRE) --

Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited  results  for  the  third  quarter  ended August 31, 2013.  Net profit
attributable  to  shareholders  in  the  third  quarter  was $21.8 million, with
revenue  of $521.8 million, compared with  $25.7 million, with revenue of $533.8
million,  respectively, in the second  quarter of 2013.  Net profit attributable
to  shareholders for the  first nine months  was $49.1 million,  with revenue of
$1,575.0 million, compared with $52.0 million, with revenue of $1,560.8 million,
respectively, in the first nine months of 2012.



Highlights  for the third  quarter of 2013, compared  with the second quarter of
2013, were:



  * Stolt Tankers reported an operating profit of $9.0 million, up from $5.0
    million, as market conditions continued to slowly improve.
  * The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased to
    1.28 from 1.20.
  * Stolthaven Terminals reported an operating profit of $17.5 million, compared
    with $21.9 million. Adjusted for third-quarter proceeds of $5.5 million on
    business interruption insurance related to Hurricane Isaac and for a second-
    quarter gain of $8.3 million on the sale of a terminal in Ningbo, China, the
    operating profit was $12.0 million in the third quarter and $13.6 million
    for the prior quarter, with the difference primarily reflecting higher
    third-quarter insurance premiums.
  * Stolt Tank Containers reported an operating profit of $17.1 million, down
    from $20.8 million, reflecting a seasonal slowdown in activity and increased
    competition.
  * Stolt Sea Farm reported break-even operating results, compared with an
    operating profit of $7.4 million, reflecting a negative impact of $1.3
    million from the accounting for inventories at fair value, versus a positive
    impact of $6.5 million in the second quarter.
  * Stolt-Nielsen Gas reported equity income of $4.2 million on its investment
    in Avance Gas Holding Ltd. (AGHL), compared with a loss of $1.7 million as
    freight rates recovered strongly in the current quarter.



Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of Stolt-Nielsen Limited, said:



"In  August, the last month  of the third quarter,  Stolt Tankers was profitable
for  the first time since 2009-a significant  milestone. We expect this trend to
continue,  but as we  have mentioned repeatedly,  we expect the  recovery in the
parcel   tanker   market  to  be  long  and  slow.  The  underlying  performance
fundamentals at both Stolthaven Terminals and Stolt Tank Containers remain good,
though  we see increased pressure on margins in these businesses. Stolt Sea Farm
is also well positioned, given the favourable pricing outlook for turbot and the
forthcoming  production from our  new sole farm  inIceland, which is expected to
deliver  its first sole to  market in early spring  next year. Subsequent to the
end  of the third quarter, we closed on the deal between Avance Gas Holding Ltd.
and  Frontline  2012, which  was  announced  on  August  22. I  welcome  them as
shareholders  in AGHLand look forward to working  with them to grow this company
in what looks to be a very promising market segment."



"The  outlook for  SNL hinges  on the  future strength  of the world economy and
global trade."




--------------------------------------------------------------------------------

[1]  The Stolt Tankers Joint Service  Sailed-in Time-Charter Index is an indexed
measurement  of the sailed-in rate for the  Joint Service and was set at 1.00 in
the first quarter of 1990 based on the average sailed-in time-charter result for
the  fleet at  the time.   The sailed-in  rate is  a measure  frequently used by
shipping  companies,  which  subtracts  from  the  ships'  operating revenue the
variable  costs  associated  with  a  voyage,  primarily  commissions,  sublets,
external time charter expenses, transshipments, port costs, and bunker fuel.


This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

SNL 3Q13 Earnings Press Release: http://hugin.info/154/R/1733358/580320.pdf

[HUG#1733358]

CONTACT: Jan Chr. Engelhardtsen
         Chief Financial Officer
         UK +44 (0) 20 7611 8972
         j.engelhardtsen@stolt.com
  
         Jens F. Gruner-Hegge
         V.P. Corporate Finance
         UK +44 (0) 20 7611 8985
         j.gruner-hegge@stolt.com

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