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Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2014
Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the fourth quarter ended November 30, 2014. Net profit attributable to shareholders in the fourth quarter was $13.1 million, with revenue of $532.3 million, compared with a net profit of $14.6 million, with revenue of $545.4 million, in the third quarter. Net profit attributable to shareholders for 2014 was $77.1 million, with revenue of $2,137.9 million, compared with a net profit of $82.0 million, with revenue of $2,099.5 million, in 2013.
Highlights for the fourth quarter of 2014, compared with the third quarter of 2014, were:
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said:
"Overall 2014 was a disappointing year for Stolt-Nielsen Limited. The expected turnaround at Stolt Tankers did not materialise due to lower volumes and a soft freight market, reflecting a sluggish global economy."
"In the fourth quarter, while operating results improved at Stolt Tankers, we have yet to see the full impact of the drop in bunker fuel prices, as our ships continued to consume the fuel purchased at higher cost before the significant drop began. At Stolthaven Terminals, the results for the quarter were up. We believe the lag in earnings from the recent investments we made in the division will catch up as the new capacity comes on line and utilisation increases at all of our terminals. Stolt Tank Containers delivered solid results in the fourth quarter, even though the market experienced seasonal weakness. Stolt Sea Farm's fourth-quarter results were weak because of continued historically low turbot prices. We look forward to seeing the sale of the first sole from our farm in Iceland towards the end of our first quarter, which should have a positive impact on our Stolt Sea Farm earnings going forward."
"Looking ahead we expect the lower bunker fuel prices to gradually have a positive effect on Stolt Tankers in the quarters to come, though a significant portion of the savings will be passed on to our contract customers as a result of the bunker fuel clauses in most of our contracts. We remain concerned about the market outlook for Stolt Tankers, as the order book now stands at over 30% in the parcel-tanker segment and the global economic outlook is uncertain. With the prolonged challenging chemical tanker market, we have and will continue to challenge our cost structure. Some of the implemented saving initiatives are starting to show results and are expected to be reflected in our bottom line going forward."
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