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Stolt-Nielsen Limited Reports Unaudited Results For The Fourth Quarter And Full Year Of 2013

LONDON, Jan. 30, 2014 (GLOBE NEWSWIRE) -- Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the fourth quarter ended November 30, 2013. Net profit attributable to SNL shareholders in the fourth quarter was $36.7 million, with revenue of $524.5 million, compared with $21.8 million, with revenue of $521.8 million, respectively, in the third quarter of 2013.

Net profit attributable to shareholders for 2013 was $85.8 million, with revenue of $2,099.5 million, compared with $70.2 million, with revenue of $2,071.7 million, respectively, in 2012.

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

  • Stolt Tankers reported an operating profit of $15.8 million, up from $9.0 million, as market conditions firmed for the third consecutive quarter.
  • The Stolt Tankers Joint Service Sailed-in Time-Charter Index [1] increased to 1.39 from 1.28.
  • Stolthaven Terminals reported an operating profit of $15.5 million, up from $12.0 million, excluding third-quarter proceeds of $5.5 million from business interruption insurance related to Hurricane Isaac.
  • Stolt Tank Containers reported an operating profit of $19.8 million, up from $17.1 million, due primarily to lower operating costs.
  • Stolt Sea Farm reported an operating profit of $0.4 million, compared with break-even operating results, reflecting a positive impact of $0.1 million from the accounting for inventories at fair value , versus a negative impact of $1.3 million in the third quarter.
  • Stolt-Nielsen Gas reported equity income of $3.3 million on its investment in Avance Gas Holding Ltd. (AGHL), excluding a $7.8 million dilution gain after AGHL's issuance of shares in a private placement, compared with equity income of $4.2 million, reflecting the withdrawal of two ships from the AGHL fleet following the exit of a previous partner in the third quarter.

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

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