STOLT-NIELSEN S.A. REPORTS SECOND-QUARTER REBOUND

STOLT-NIELSEN S.A. REPORTS SECOND-QUARTER REBOUND

   Stolt-Nielsen S.A., the liquid bulk transport provider, reported second-quarter net income of $4.8 million, compared with a $3.7-million net loss in the year-earlier period.

   Second quarter revenue rose 20.7 percent to $639.7 million.

   For the first six months of 2001, Stolt-Nielsen saw a net loss of $3.4 million, compared to net income of $26.3 million in the year-earlier period. Net operating revenue rose to $1.18 billion, from $1.03 billion. Before one-time gains resulting from the dilution on Stolt-Nielsen's interest in Stolt Offshore S.A. and the sale of assets, the net loss for the six-month period ended May 31 was $7.8 million.

   'While we are pleased with the continuing improvement in earnings for the Stolt-Nielsen Transportation Group, overall earnings were slightly below earlier guidance due to weaker results in our other businesses,' said Niels G. Stolt-Nielsen, chief executive officer.

   The Stolt-Nielsen Transportation Group saw second-quarter income from operations improve significant to $35.8 million, up from $20.3 million in the year-earlier quarter. For the first six months, income from operations improved to $65.0 million, from $39.7 million.

   The parcel tanker division saw income from operations more than double to $24.9 million in the second quarter. The tank container division reported income from operations of $3.9 million, down from the year-earlier period. The terminal division's income from operations improved to $6.9 million, from $6.2 million.