Stolt-Nielsen Limited Reports Improved Unaudited Results For the Second Quarter and First Half of 2015 - Seite 2

"Stolt-Nielsen Limited's results were up in the second quarter, driven mainly by improved performance at Stolt Tankers, which benefited from higher spot-market rates, combined with lower bunker costs, and the positive impact of a stronger U.S. dollar. Utilisation and volume, however, remained flat in the quarter. At Stolthaven Terminals, second-quarter results remained disappointing and we continue to focus on efforts to improve the operational efficiency, utilisation and margins in the terminal division. Stolt Tank Containers reported improved results, but the seasonal rebound in shipments that we normally see in this quarter was less than expected. Stolt Sea Farm also had much improved results, with higher turbot sales during the quarter. Production from our new sole farm in Iceland is slowly ramping up and looks promising."

"While Stolt Tankers may continue to see near-term benefits from the factors driving the recent improvements, the longer-term outlook remains challenging. We see little evidence of strengthening volumes in the parcel tanker market, which is essential if we are to see a sustained turnaround, especially considering the substantial number of newbuildings scheduled to enter the chemical tanker market in 2016 and 2017. Similarly, chemical volumes appear to be slipping in tank container markets compared with a year ago, but Stolt Tank Containers has thus far managed to sustain its margins."

 

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^[1] Effective with the second quarter 2014, the Sailed-in Time Charter index has been revised. The Stolt Tankers Joint Service Sailed-in Time-Charter index is an indexed measurement of the performance of the market in which the Joint Service operates. The sailed-in rate per operating day is a measure frequently used by shipping companies, which subtracts from a ship's operating revenue the variable costs associated with a voyage, primarily commissions, sublets, transshipments, port costs, and bunker fuel. The previous index was set at 1.00 in the first quarter 1990, based on the average sailed-in time-charter result for the fleet at the time. The new index has been set at 1.00 in the first quarter of 1996. In addition, the sailed-in time charter result has been adjusted to exclude the impact of bunker hedge results and changes to the average ship size in the fleet. Finally, the sailed-in time charter result has been adjusted for the average inflation rate from 1996 onwards. The inflation rate applied is the Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category and commodity and service group, all items (1982-84=100) as published by the Bureau of Labor Statistics as part of the Consumer Price Index Detailed Reports.