EMEA News
Stolt-Nielsen Tanker Division Hit by $8.6 million Q1 Loss
Stolt Tankers, a division of Stolt-Nielsen Limited (Stolt-Nielsen), has reported an operating loss of $8.6 million in its 2012 Q1 unaudited results.
The poor results for the 3 months ending February 29, 2012 were attributed to an overall weak tanker market.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen said, "Higher operating costs and weak volumes, particularly on trade lanes to Europe and the Americas from Asia and in the regional European trades, held down Stolt Tankers' performance for the quarter. In addition, five ships were withdrawn from service for unscheduled repairs during the quarter, resulting in a substantial loss of operating days."
It was a blemish on an otherwise positive quarter for the Oslo Stock Exchange listed firm, whose positive results elsewhere in the business yielded a net profit of $7.9 million for the quarter.
Stolthaven Terminals, who operate eight terminals with 2.9 million cubic meters of combined storage capacity and a ninth under construction in Singapore, had an operating profit of $23.3 million.
Stolt Tank Containers (STC), who says its fleet of over 23,500 tank containers is the largest in the world, reported an operating profit of $19.2 million.
Losses of just over $2.7 million for Stolt Sea Farm, in addition to $463,000 attributed to "corporate and other" losses trimmed the overall operating profit to $30.74 million.
Looking ahead, Mr Stolt-Nielsen said, "We continue to anticipate a slow improvement in the parcel tanker market. In the meantime we are continuing to invest in our terminal, tank container and fish farming businesses, where we see promising opportunities for growth. Given the actions we have taken to enhance our financial strength and liquidity, I believe we are well equipped to pursue our long-term growth plans."
