Stolt Valor caught fire in March 2012 and was declared a total loss, U.S. Navy photo/Released
Norwegian shipping and seafood company Stolt-Nielsen Ltd. (Oslo Børs: SNI), reported financial results today for their second quarter and first six months ended May 31, 2012.
Profits in the second quarter rose to $37.0 million, with revenue of $538.8 million, compared with $8.0 million and $505.7 million, respectively, in the first quarter of 2012. In the first six months, net profit was $45.0 million, with revenue of $1,044.4 million, compared with $63.6 million and $986.6 million, respectively, in the first half of 2011.
Operating profits were significantly higher in the second quarter primarily due to Stolt Tankers’ net gain of $24.5 million on insurance proceeds related to the loss of MT Stolt Valor following the incident in the Persian Gulf in March.
Commenting on the Company’s results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNL, said:
“Stolt-Nielsen Limited’s performance strengthened slightly in the second-quarter. Excluding the insurance gain on Stolt Valor, the improvement was attributable primarily to better operating results at Stolt Tankers, driven by improved COA freight rates and higher utilisation in terms of tons carried per day. Both Stolthaven Terminals and Stolt Tank Containers once again reported solid results for the latest period. Operating results at Stolt Sea Farm reflected increased sales of turbot, partially offset by seasonally lower sales of caviar.”
“Volumes in Stolt Tankers continue to be weak with no indications of any further improvements in the near future. We expect continued growth in earnings from Stolthaven Terminals as more capacity comes on line. We also expect growth in earnings in Stolt Tank Containers as new containers are delivered over the next 12 months. We are pursuing our strategy in Avance Gas by consolidating through acquisitions of second-hand tonnage with prompt delivery into what we believe is a promising market.”
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