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Stolt-Nielsen S.A. Reports Unaudited Results For the Third Quarter and First Nine Months of 2009
LONDON, October 6, 2009 - Stolt-Nielsen S.A. (Oslo B?rs: SNI) today reported unaudited results for the third quarter and nine months ended August 31, 2009.
Highlights for the third quarter of 2009 compared with the second quarter of 2009 included:
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said:
"SNSA's third-quarter results in tankers were stronger than expected. Our performance in tankers reflected a pickup in chemical exports to China, driven in part by the effects of China's economic stimulus programme. A substantial portion of the specialty-chemical volumes we carried to Asia this quarter originated in the U.S. Gulf, where the weak dollar and low natural gas prices have made U.S. exports more competitive. The tank container division's third-quarter margins were squeezed as a large number of container ships were laid up, which reduced supply and resulted in higher ocean freight cost. Terminals' profits continued to grow as more capacity was commissioned."
 The Stolt Tankers Joint Service ("STJS") Sailed-in Time-Charter Index is an indexed measurement of the sailed-in rate for the Joint Service and was set at 1.00 in the first quarter of 1990 based on the average sailed-in time-charter result for the fleet at the time. The sailed-in rate is a measure frequently used by shipping companies, which subtracts from the ships' operating revenue the variable costs associated with a voyage, primarily bunker cost, port costs, sublets, transshipments and commissions.
In the third-quarter of 2009 Stolt-Nielsen Inter Caribbean Service was separated from the STJS and will be treated as a regional small-tanker service going forward. The impact on the STJS sailed-in index was positive 2.3% for the quarter. Without this change the index would have been 1.17. We do not consider this change to be material and have therefore not restated prior periods' index values.