LNG

Avenir LNG, the London-headquartered global energy supplier for small-scale projects and gas carriers, has signed a Time Charter Party with Vitol International Shipping, a unit of the global commodities company.

Stolt-Nielsen Ltd, the Oslo-listed and London-based owner of a tankers fleet including for small-scale LNG through its stake in Avenir LNG and other shipping-related businesses, has reported executive changes at the Stolt Tankers division.

April 10 (LNGJ) - Stolt-Nielsen Ltd, the Oslo-listed and London-based owner of a small tanker fleet including for LNG through its stake in Avenir LNG as well as terminals and other shipping interests, reported first-quarter net profits of $104.0 million, up from $99.8M in the same three months of 2023.

   Stolt-Nielsen’s earnings per share in the first quarter amounted to $1.94, up from $1.86. Stolt Tankers reported operating profits of $93M, an increase from $87.1M last year. Stolt-Nielsen Gas, including LNG assets, narrowed its operating losses to $2.0M from $3.4M in the 2023 quarter. “The firm market conditions enjoyed by Stolt Tankers during 2023 continued into the first quarter,” said Udo Lange, Chief Executive. “Spot rates continued to strengthen and we should start seeing the effect in the second quarter onwards. That said, we have seen some contract volumes decline as our customers adjust to the impact of supply chain disruptions,” he added.

Avenir LNG, the London-headquartered global energy supplier for small-scale projects and gas carriers, has awarded the management of three LNG bunker vessels to Wilhelmsen Ship Management of Norway.

Cool Company (CoolCo), the LNG shipping joint venture led by Eastern Pacific Shipping and which is growing its owned and managed fleets, said the market was showing continued strength as it entered into a new time-charter agreement for one of its tri-fuel, diesel-electric vessels.

The company, headquartered in Bermuda, said the multi-year charter with an energy major starts in early 2024 upon redelivery from the vessel’s current charter, adding backlog.

“We are delighted to have secured this attractive time charter, locking in cover at a rate that reflects the continued strength of the LNG carrier market ” said Richard Tyrrell, Chief Executive of CoolCo.

“The forward nature of this contract demonstrates the desire of LNG producers, offtakers, and portfolio players to secure modern tonnage to transport the dramatically increasing volumes of LNG coming online through the middle and latter parts of the decade,” stated Tyrrell.

“With vessel availability coinciding with seasonal peaks for chartering, CoolCo stands to benefit from the ongoing LNG carrier re-pricing cycle. Happy Norwegian Constitution Day to our investors,” added the CEO.

Shares

CoolCo’s shares are registered with the US Security and Exchange Commission and listed for trading on the New York Stock Exchange in addition to the Euronext Growth list in Oslo, both under the ticker “CLCO”.

CoolCo also has an owned fleet of 11 LNG vessels and a managed fleet of 18 ships.

The owners of the managed ships include sector leaders Golar LNG, Avenir LNG and New Fortress Energy.

The CoolCo-owned fleet comprises the following vessels: the “Golar Bear” the “Golar Crystal”, the “Golar Frost”, the “Golar Glacier”, the “Golar Ice”, the “Golar Kelvin”, the “Golar Snow”, the “Kool Baltic”, the “Kool Boreas” and the “Kool Firn” and the “Kool Orca” 

Stolt-Nielsen Limited, the Oslo-listed and London-based owner of a small tanker fleet including for LNG through its stake in Avenir LNG, reported fiscal first quarter net profits of $99.8 million as it also sold a stake in LNG shipping firm CoolCo.

Stolt-Nielsen’s profits were well up on the $52.3M posted in the same three months last year.

Quarterly revenues were $708.7M compared with $606.2M in the prior-year quarter for a business that also spans energy storage, terminals, tank containers and fish farms as well as natural gas.

The Stolt-Nielsen Gas unit reported a wider operating loss of $3.4M compared with a loss of $2.9M.

CoolCo shares sold

During the quarter ending on February 28, 2023, the group said it disposed of 923,565 shares in shipping company CoolCo for $11.7M, resulting in a gain on the sale of $2.5M which has been transferred from the fair value reserve to retained earnings.

CoolCo is listed on the Euronext Growth Oslo exchange. Stolt-Nielsen also owns a stake in Golar LNG Limited.

Stolt-Nielsen is additionally a founder of Avenir LNG in 2018 and still holds its stake in Avenir, the owner of a small-scale import terminal on the Italian island of Sardinia and in a small-scale LNG carrier fleet.

The two other shareholders in Avenir are Norwegian shipping companies Golar and Höegh LNG.

In its earnings statement, Stolt-Nielsen said that the Stolt Tankers unit reported operating profit of $87.1M, up from $78.2M, largely driven by higher contract rates and improved spot volumes.

The Stolthaven Terminals business reported operating profit of $25.1M to the end of February 2023 versus the previous quarter’s $20.8M as operating revenue at the terminals in the US and Brazil improved.

Niels G. Stolt-Nielsen, Chief Executive of Stolt-Nielsen, said the quarter continued where 2022 ended with a solid performance from all businesses during what was typically the seasonally weakest quarter of the year.

“Stolt Tankers improved on the prior quarter results as we began to see the impact of contract renewals on our earnings. Results at Stolthaven Terminals improved on the back of continued high utilisation, although throughput volume was down slightly,” the CEO explained.

“At Stolt Tank Containers a decrease in container liner freight rates impacted the rates we charge our customers, and with the easing of logistics bottlenecks customers are returning tanks more quickly, reducing demurrage revenue,” he added.

Avenir LNG, the European small-scale LNG fleet owner, terminals operators and a supplier to off-grid customers, has joined with a Chinese bunkering company to deliver LNG fuel to a ship in Shanghai owned by Israel’s ZIM Integrated Shipping Services.

Feb 2 (LNGJ) - Stolt-Nielsen Limited, the London-based terminals and shipping company listed on the Oslo bourse and a stakeholder in the Avenir LNG joint venture for small-scale carriers and other assets, reported increased net profits of $95.3 million versus $35.02 in the 2021 quarter and with higher quarterly revenues of $732.5M. Net profits for the full year amounted to $280.8M compared with $78.8M in 2021.

   “The fourth quarter capped a stellar year, where all businesses performed well,” said Niels G. Stolt-Nielsen, Chief Executive. “The improvements seen in our markets were key, as well as our steadfast focus during recent years on implementing and delivering on our strategies for each of the businesses. Stolt Tankers’ net profit improved for the fourth consecutive quarter as chemical tanker spot rates and volumes continued to improve,” he added.

Oct 6 (LNGJ) - Stolt-Nielsen Limited, the Oslo-listed and London-headquartered storage, shipping and gas company with LNG assets, reported increased third-quarter net profit of $74.7 million with revenue of $744.0 million. The company with a stake in the Avenir LNG joint venture comprising small-scale carriers and an import terminal in Sardinia said overall group net profit for the first nine months was $185.6M with revenues of $2.04 billion, up from $43.8M and $1.59Bln in the first nine months of 2021.

   Niels G. Stolt-Nielsen, Chief Executive of the company, said net profit continued to improve in the third quarter with the benefit of the tightening tanker markets “The impact became evident during the third quarter when spot rates increased by almost 40 percent from the second quarter average, pushing our sailed-in revenue per day to an average of $24,341,” added Mr Stolt-Nielsen. “The tankers team has been actively building up our fleet adding 12 ships since 2020 for a total fleet of more than 160 ships, the largest in the company’s history as we enter the strong market,” he stated.

June 30 (LNGJ) - Stolt-Nielsen Ltd, the Oslo-listed shipping-to-terminals company and shareholder in the Avenir LNG joint venture for small-scale carriers and other assets, reported an increased second-quarter net profit of $58.6 million with revenue of $689.1M compared with a net profit of $52.3M with revenues of $606.2M in the first quarter.

   “The positive momentum is continuing to build in the chemical tanker market. Our tanker trading team is standing firm on contract renewals and spot fixtures to capitalise on the tightening market, and we are moving in the right direction,” said Niels G. Stolt-Nielsen, Chief Executive.