World News
Stolt-Nielsen Triples Profit
Stolt-Nielsen Ltd. reports it more than tripled its net profit in the third quarter of 2013 to $21.6 million, compared with $6.7 million in the same period last year.
Operating revenue rose 1 percent to $521.8 million.
"In August, the last month of the third quarter, Stolt Tankers was profitable for the first time since 2009 - a significant milestone," CEO Niels G. Stolt-Nielsen said in a press release.
"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 tanker division, the company's largest segment, brought in $311.2 million in revenue, up from $310.5 million in Q3 2012, and it reported an operating profit of $9.0 million, compared with a loss of $825,000.
Stolt-Nielsen noted that the company struck a deal with Frontline 2012 Ltd., making that company a shareholder in Avance Gas Holdings Ltd. (AGHL), after the close of the quarter.
"I welcome them as shareholders in AGHL and look forward to working with them to grow this company in what looks to be a very promising market segment," he said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 491.00 | 2.50 | 592.50 | 16.50 |
| Rotterdam | 445.00 | 13.00 | 593.50 | 11.00 |
| Houston | 443.50 | 6.50 | 601.50 | 5.50 |
| Fujairah | 487.00 | 10.50 | 711.00 | 12.00 |
| Global 20 Ports Average | 517.50 | 1.50 | 697.00 | 3.00 |
| Global 4 Ports Average | 466.50 | 3.50 | 624.50 | 0.00 |
| Global Average Bunker Price | 559.50 | 2.50 | 736.00 | 2.00 |
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