STOLT-NIELSEN’S NET INCOME DROPS SHARPLY

   Stolt-Nielsen S.A. reported third quarter net income of $13.7 million,
down 73.3 percent from year-earlier totals, despite only a marginal decline in net operating revenue.
   Net operating revenue was $475.79 million, for the quarter ending Aug. 31, compared to $478.37 million for the year-earlier period.
   The third-quarter results reflected a change in dry-docking accounting
policy for subsidiary Stolt Comex Seaway S.A.
   For the nine-month period, the liquid bulk carrier reported net income
of $31.5 million, down 219 percent from the year-earlier period. New
operating revenue was $1.335 billion, up 3.2 percent from 1998.
   The 1999 results included a one-time gain of $3.78 million from the sale of tank containers. The 1998 results included one-time gains from a
$10.2-million insurance settlement and sale of other assets totaling $2.16 million.