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Stolt-Nielsen S.A. Reports Unaudited Fourth Quarter and Full Year 2006 Results
Highlights for the fourth quarter of 2006 included:
Commenting, Mr. Niels G. Stolt-Nielsen, CEO of SNSA, said:
"During the quarter, we saw solid operational performance in SNTG as a result of good market conditions in all three divisions. SNTG's reported results were impacted by three significant non-operational factors. While customer-related antitrust provisions were lower, antitrust-related legal advisor fees and Sarbanes-Oxley compliance costs were higher. SSF's turbot operations and our 25% share of Marine Harvest again made a strong contribution.
"We expect 2007 to be another strong year for our businesses. Our first quarter 2007 results will be released on Thursday, April 26, 2007. During the first quarter of 2007 parcel tanker spot rates were strong and COA renewals were up 5% on average, but results were tempered by higher costs primarily due to operational delays caused by bad weather and port congestion. Stolt Tankers Joint Service Sailed-in Time-Charter Index was 1.32 in the first quarter of 2007. The parcel tanker spot market has been positive in the first quarter of 2007 as a result of strong demand for chemicals, and the impact of the new IMO regulations. Our tank container division is expected to continue to post good results and our terminal operations should benefit from our ongoing expansions. All three SNTG divisions are being positioned via substantial investments to participate in what we perceive to be significant growth opportunities in the Middle East Gulf and Asian markets. We expect SSF's turbot operations to continue to post strong results. We foresee continued high legal costs until the antitrust-related issues are resolved."
For the full press release see attachment.