LNG

Stolt-Nielsen Ltd, the Oslo-listed and London-based owner of a small tanker fleet including for LNG through its stake in Avenir LNG, reported a second-quarter net profit of $113.3 million before an incremental loss provision of $155M related to the “MSC Flaminia” fire back in 2012.

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.

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.

March 31 (LNGJ) - Stolt-Nielsen Ltd, the Norwegian company which derives a small part of its income from the Avenir LNG joint venture with partners Höegh LNG and Golar LNG, reported first-quarter 2022 net profits of $52.3 million with revenues of $606.2M compared with a net profit of $35.0M and revenues of $593.M logged in the fourth quarter of 2021.

   The Stolt-Nielsen group operates in an array of businesses including tankers, terminals and gas. “Typically the first quarter of the year is the seasonally weakest quarter. However, this year the first quarter showed no signs of weakness as we posted our strongest quarterly results since 2008,” said Chief Executive Niels G. Stolt-Nielsen. “Stolt Tank Containers led the way with record earnings. Although shipment volumes were down, margins held firm, supported by our ability to secure space on containerships and higher demurrage revenue,” added the CEO.

Jan 26 (LNGJ) - Niels G. Stolt-Nielsen has informed the board of London-based Stolt-Nielsen Ltd, a shareholder in the Avenir LNG joint venture, that he wished to step down from his role as Chief Executive and was now likely to become Chairman. “He will continue as CEO and as a director until the appointment process for a successor has been completed,” said a statement.

   Stolt-Nielsen has served as CEO of Stolt-Nielsen Ltd since November 2000 and has been a director since 1996. “The intention is that once a suitable replacement is found, Mr Niels G. Stolt-Nielsen will assume the role of Chairman of the Board, subject to shareholder approval, replacing Mr Samuel Cooperman,” added Stolt-Nielsen Ltd.

Oct 6 (LNG) - Stolt-Nielsen, the London-headquartered Norwegian company with interests including terminals, shipping and the Avenir small-scale LNG business, said third-quarter net profits rose to $33.5 million from revenues of $580.9M, an increase on the prior-year quarter’s earnings of $30.36M and revenues of $474.0M.

   “Momentum at Avenir LNG has accelerated with the commissioning of the Sardinia terminal and multiple ship deliveries throughout the second half of 2021, said Niels G. Stolt-Nielsen,company Chief Executive. “The first two vessels are already employed under solid charter arrangements with Petronas (Malaysia) and New Fortress Energy (USA). The third ship, ‘Avenir Aspiration’, now due for delivery, will enter into service to supply our HIGAS terminal in Sardinia, which began commercial operations in August,” added the CEO.

Stolt-Nielsen, the London-headquartered Norwegian company with terminal, shipping and Avenir LNG project interests, reported stable first-quarter earnings amid US disruptions and said the LNG import terminal on the Italian island of Sardinia would come on line in May.

April 16 (LNGJ) - Stolt-Nielsen Ltd, a terminals and shipping company listed in Norway with small-scale LNG projects under development, reported a first-quarter net loss of $20.0 million, with revenue of $498.8 million, compared with a net profit $5.9M, with revenue of $497.5M in the previous quarter. While operating five business divisions, Stolt-Nielsen is pursuing small-scale LNG projects through the Avenir LNG joint venture.

Norwegian-listed company Stolt-Nielsen said its natural gas unit was still pursuing its small-scale liquefied natural gas projects through Avenir LNG, including the delivery of six small-scale carriers.

Stolt-Nielsen Gas is continuing to invest in opportunities in LNG shipping and distribution, said the company with offices in London in its business review just published of all its divisions.

Its assets currently include 45 percent of Avenir LNG, a 2.3 percent stake in Golar LNG and six small-scale LNG carriers newbuilds under construction.

“Avenir’s strategy is to source, ship, store, distribute and sell LNG to small-scale, stranded communities that do not have access to a natural gas grid,” said Niels G. Stolt-Nielsen, the Chief Executive of the Stolt-Nielsen group.

Two strategic partners joined SNG as investors in Avenir, Golar LNG Ltd and Höegh LNG, each taking a 22.5 percent stake with Stolt-Nielsen retaining 45 percent.

Avenir has four 7,500 cubic metres capacity LNG vessels and two 20,000 cubic metre capacity carriers on order as it also continues to develop its first LNG terminal on the Italian island of Sardinia.

Stolt-Nielsen has LNG in its portfolio along with its tanker, storage, containers and sea farm businesses.

The Norwegian company with a presence in worldwide locations has its ordinary shares listed on the Oslo stock exchange.

The company reiterated in the annual report that its small-scale carriers were still on track for delivery in 2020 and 2021. 

Keppel Marine of Singapore is scheduled to deliver two 7,500 cubic metre LNG vessels by mid-2020, from their affiliated yards in Nantong, China. 

In 2021, Sinopacific Offshore & Engineering (SOE) will deliver two more 7,500 cubic metres capacity carriers as well as two with 20,000 cubic metres capacity from their yards, also in Nantong. 

Each of the ships is designed to perform safe ship-to-ship bunkering.

In October 2019, together with Malaysian shipping company, MISC Berhard, Avenir signed a term charter with Malaysia’s national oil and LNG production company Petronas.

The first 7,500 cubic metres capacity carrier will be based in Malaysia, enabling Petronas to provide bunkering to LNG-fueled vessels, plus transport services for small-scale terminals in the region. 

Avenir announced another a term charter in November 2019 with Golar Power to deliver LNG using the second 7,500 cubic metres capacity vessel to various ports in Brazil, as well as providing ship-to-ship bunkering. 

“Over the longer term, Avenir plans to develop new markets through small-scale LNG import solutions, invest in additional tonnage where necessary and expand its network of strategic bunkering locations,” said SNG.

The Stolt-Nielsen unit reported an operating loss of $4.1 million for 2019. 

“The losses were mainly attributable to costs related to the continued development of various small-scale LNG projects,” it added.

The company noted that during the fourth quarter of 2019, Stolt-Nielsen sold its investment in Avance Gas Holdings Ltd for $25.9 million. The $10.8 million gain on the sale was recorded to retained earnings.