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Stolt-Nielsen S.A. (OSL:SNI) LONDON, October 2, 2008 - Stolt-Nielsen S.A. (Oslo Børs: SNI) today reported unaudited results for the third quarter ended August 31, 2008.
Highlights for the third quarter of 2008, compared with the second quarter of 2008, included:
* Revenue of $522.6 million, up from $504.5 million. * Net profit attributable to shareholders of $42.3 million, compared with $40.9 million. * The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased by 4.7% to 1.33 from 1.27. * Stolt Tankers reported improved operating profit for the quarter, as market conditions remained solid with higher spot-market prices. * Stolthaven Terminals continued to report solid results, reflecting high utilisation at all terminals. * Stolt Tank Containers reported strong results for the quarter, reflecting continued strength in our markets and the benefits of effective fleet management. * Stolt Sea Farm reported an operating loss of $3.1 million due to the impact of an IFRS fair value revaluation of inventories of $7.3 million. * During the quarter two ships were sold for recycling, resulting in a book gain of $6.8 million, compared with a second-quarter book gain of $7.2 million from the sale of four ships.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said:
"SNSA continued to deliver solid results in the third quarter. Our performance reflected continued strength in our markets and our ability to manage rising operating costs, especially increased bunker expense. As a result of a range of actions at Stolt Tankers-including bunker hedges, contract adjustments and bunker surcharges-we recovered a significant portion of our bunker fuel cost increases in the quarter."
"While demand for our tanker, terminal and tank container services remained fundamentally strong in the third quarter, the turmoil in global financial markets and the signs of economic weakness, particularly in the U.S. and Europe, combined with a slowdown in Asia are causes for concern."
[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, transshipments, port costs, and bunker fuel.
