LNG

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.

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.