• ITVI.USA
    9,157.620
    -27.560
    -0.3%
  • OTRI.USA
    2.590
    -0.020
    -0.8%
  • OTVI.USA
    9,162.320
    -26.570
    -0.3%
  • TLT.USA
    2.670
    -0.010
    -0.4%
  • TSTOPVRPM.DALLAX
    1.230
    -0.070
    -5.4%
  • TSTOPVRPM.PHLCHI
    1.100
    -0.030
    -2.7%
  • TSTOPVRPM.CHIATL
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXSEA
    1.700
    0.130
    8.3%
  • TSTOPVRPM.ATLPHL
    1.520
    0.060
    4.1%
  • TSTOPVRPM.LAXDAL
    1.120
    -0.030
    -2.6%
  • WAIT.USA
    139.000
    -12.000
    -7.9%
  • ITVI.USA
    9,157.620
    -27.560
    -0.3%
  • OTRI.USA
    2.590
    -0.020
    -0.8%
  • OTVI.USA
    9,162.320
    -26.570
    -0.3%
  • TLT.USA
    2.670
    -0.010
    -0.4%
  • TSTOPVRPM.DALLAX
    1.230
    -0.070
    -5.4%
  • TSTOPVRPM.PHLCHI
    1.100
    -0.030
    -2.7%
  • TSTOPVRPM.CHIATL
    1.290
    -0.060
    -4.4%
  • TSTOPVRPM.LAXSEA
    1.700
    0.130
    8.3%
  • TSTOPVRPM.ATLPHL
    1.520
    0.060
    4.1%
  • TSTOPVRPM.LAXDAL
    1.120
    -0.030
    -2.6%
  • WAIT.USA
    139.000
    -12.000
    -7.9%
American Shipper

Stolt-Nielsen’s losses widen

Stolt-Nielsen’s losses widen

   Norway’s ailing tanker shipping and offshore group Stolt-Nielsen S.A. made heavier losses for the fourth quarter and the year ended Nov. 30, including a net annual loss of $315.9 million, as compared to a deficit of $102.8 million in the previous financial year.

   The company’s fourth-quarter net loss was $216.3 million, about twice the $101.1 million loss for the quarter ended Nov. 30, 2002. The operating loss for the quarter widened dramatically to $320.7 million from $121.4 million. Net operating revenue fell to $684.2 million from $827.7 million.

   For the year, Stolt-Nielsen reported an operating deficit of $370 million, compared to a loss of $49.1 million in the previous year. Net operating revenue amounted to $3 billion, up from $2.9 billion a year earlier.

   Most of the losses of the company came from its offshore business, whereas the shipping activities of the Stolt-Nielsen Transportation Group arm remained profitable for the fourth quarter and the entire year.

   For the full year, Stolt-Nielsen Transportation Group reported income from operations of $83.8 million in 2003, compared with $123.8 million in 2002.

      Stolt-Nielsen Transportation Group’s parcel tanker division’s income from operations in 2003 was $65.3 million down from $92.8 million in 2002. The 2003 figure includes $15.5 million of costs related to legal issues and $7.5 million of costs for the wind-up of the company’s U.S.-flag joint venture.

   “Fiscal 2003 was a difficult and frustrating year for Stolt-Nielsen S.A.,” said Niels G. Stolt-Nielsen, chief executive officer. “I am glad it is over.”

   The company said it has changed the management of Stolt Offshore and is reducing its workforce.

   Commenting on future prospects, Stolt-Nielsen said he expects the financial recovery “to fully manifest itself in 2005.”

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