STOLT-NIELSEN REPORTS INCOME FOR 4TH QUARTER, YEAR

STOLT-NIELSEN REPORTS INCOME FOR 4TH QUARTER, YEAR       Stolt-Nielsen S.A., the transportation provider for bulk liquid chemicals, edible oils, acids and other specialty liquids, reported fourth-quarter net income of $15.4 million, up from $13.7 million for the year-earlier quarter.
      Operating revenue was $446.2 million, compared with $502.2 million for the fourth quarter of 1998.
      For the year, net income was $46.9 million, compared to $96.3 million in 1998. Net operating revenue was $1.78 billion, compared with $1.70 billion for 1998.
      Jacob Stolt-Nielsen, chairman and chief executive officer had originally predicted that Stolt-Nielsen would lose money. “1999 has been a difficult year in our transportation business due to an oversupply of capacity,” he said.
      Stolt-Nielsen said he does not anticipate a significant improvement in the company's results for 2000, citing “the lag between improved demand and improved freight rates, the delay before higher rates are reflected in contract renewals and an increase in interest cost of about $18 million resulting from the new building program.”