LNG

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.

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.

July 1 (LNGJ) - Stolt-Nielsen, the London-headquartered Norwegian company with interests including terminals, shipping and the Avenir small-scale LNG business, said net profits from continuing operations increased to $10.3 million for the first half of 2021 compared with a loss of $7.0M in the same period of 2020. In addition to a growing vessel fleet, the company’s Avenir LNG joint venture has an 80 percent stake in the small-scale Italian terminal located at the port of Oristano on the island of Sardinia.

   The company’s Stolt-Nielsen Gas unit reported an operating profit of $100,000 compared with an operating loss of $2.1M for the six months ended May 31 “This was a result of an improvement in the share of profit (loss) in Avenir as two of their six newbuildings were delivered in late 2020 and early 2021 and are currently on time charter to third parties,” said the Stolt-Nielsen.

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.

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.

Avenir LNG, a small-scale niche market joint venture involving Stolt-Nielsen Ltd, the shipping and storage group and its Norwegian peers, Hoegh LNG and Golar LNG, is now registered on the Oslo over-the-counter market after holding a private share placement.

Stolt-Nielsen Ltd, the Norwegian-listed shipping and storage group, said in its second-quarter earnings that its gas subsidiary was continuing to focus on the development of small-scale LNG storage and distribution supply chains to serve locations lacking access to natural gas pipelines.

Stolt-Nielsen, the Norwegian-listed shipping and storage company with small-scale LNG project plans on the Italian Island of Sardinia and in Scotland, posted a 19 percent rise in third-quarter net profits as revenues also increased.