Press Release

Stolt-Nielsen S.A. Reports Unaudited Results for the Second Quarter and First Half of 2007

London, England - July 5, 2007 - Stolt-Nielsen S.A. ("SNSA") (Oslo B?rs: SNI) today reported unaudited results for the second quarter ended May 31, 2007. 
Highlights for the quarter included:
  •          Operating revenue of $437.6 million ($407.9 million in first quarter of 2007 and $391.7 million in second quarter of 2006)
  •          Net income of $34.8 million (versus $105.5 million in first quarter of 2007 and $57.4 million in second quarter of 2006)
  •          Strong market conditions in all businesses with good underlying operating performance offset by continued higher litigation-related costs
  •          Stolt Tankers Joint Service Sailed-in Time-Charter Index[1]: 1.37 up 4% from 1.32 in preceding quarter and up 5% from 1.30 in second quarter of 2006
  •          Higher rates achieved on renewals of Contracts of Affreightment for parcel tanker division
  •          Improved utilization and throughput levels at terminal division in Houston and New Orleans
  •          Tank container division shipments up 8% year to date, driven by strong export activity from U.S.; cost pressures continued
  •          Stolt Sea Farm continued to experience high demand and prices relative to 2006
  •          Capital expenditure program now totals $1.8 billion
    Commenting, Mr. Niels G. Stolt-Nielsen, CEO of SNSA, said:
    "We are pleased to report another quarter in which all divisions delivered good underlying operating performance. The parcel tanker division benefited from rising contract rates, good recovery of bunker costs through bunker surcharges to customers and we did not experience the weather delays and port congestion which occurred during the first quarter. This was, however, offset by higher costs related to the ongoing litigation.  The tank container and terminal divisions recorded high utilization levels underpinned by strong market conditions and in the case of terminals, increased contract rates, although tank container's results were held back by rising costs.  Stolt Sea Farm's turbot operations once again delivered another good quarter.
    "Looking forward, we believe that our leadership positions in attractive markets and operational strengths, underpinned by major investment programs, will allow SNSA to benefit from the growth opportunities created by the strong global economy."
    For the full press release see attachment.

    [1] The Stolt Tankers Joint Service 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 commissions, sublets, transshipments, port costs, and bunker fuel.
    SNSA 2Q07 Earnings Release