ENP Newswire -
Release date- 04072014 -
Net profit attributable to shareholders in the second quarter was
Highlights for the second quarter of 2014, compared with the first quarter of 2014, were:
The Stolt Tankers Joint Service Sailed-in Time-Charter Index slipped to 1.31 from 1.35. The Sailed-In Time-Charter Index does not reflect inflation and average ship size, making it difficult to compare over longer periods. Therefore, in this quarter, the Group revised the Sailed-In Time-Charter Index to adjust for inflation and average ship size. For the second quarter of 2014, the inflation-adjusted Sailed-In Time-Charter Index was 0.64, compared with 0.67 in the first quarter of 2014.
Stolthaven Terminals reported an operating profit of
Stolt Tank Containers reported an operating profit of
Commenting on the Company's results, Mr.
In contrast, Stolt Tank Containers had another good quarter on solid overall strength in global demand, though price competition continues to intensify.
'We are concerned that the recovery of the parcel tanker market overall may be faltering. The cargo volume necessary to drive a market recovery has not materialised. In addition, access to low-cost capital and an abundance of yard capacity has been spurring an increase in the orderbook for chemical tankers, which has grown to 23.5% of existing fleet. At the same time, cost pressures continue to rise, driven by port delays, increasingly strict vetting requirements, and tougher environmental regulations. These and other factors, in our view, are reducing the likelihood of a typical cyclic recovery.'
'At Stolthaven, we expect utilisation to improve by year-end at our
'We will start selling sole from our new land-based farm in
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, external time charter expenses, 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, and excludes the impact of bunker hedge results, and adjusts for changes to the average ship size in the fleet and 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
Jan Chr. Engelhardtsen
Chief Financial Officer
Tel: +44 (0) 20 7611 8972
V.P. Corporate Finance
Tel: +44 (0) 20 7611 8985
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