STOLT-NIELSEN SEES THIRD-QUARTER REBOUND

STOLT-NIELSEN SEES THIRD-QUARTER REBOUND

   Stolt-Nielsen S.A., the provider of transportation services for bulk liquid chemicals, edible oils, acids and other specialty liquids, reported a significant third-quarter rebound.

   The company reported third-quarter net income of $29.7 million, compared to a net loss of $300,000 for the year-earlier period. Operating revenue was $735.4 million, compared to $607.8 million for the third quarter of 2000.

   “Stolt-Nielsen Transportation Group's income from operations during the third quarter improved to $41.1 million, almost doubling the $21.2 million in the third quarter of 2000,” said Niels G. Stolt-Nielsen, chief executive officer of Stolt-Nielsen S.A.

   SNTG's tank container division reported operating income of $5.5 million, compared to $5.0 million for the year-earlier period. Weaker utilization was offset by lower operating costs, due primarily to lower ocean freight and the return of leased-in third party tanks earlier this year.

   The parcel tanker division saw operating income of $29.7 million for the third-quarter, compared with $11.6 million for the year-earlier quarter.

   The company's terminal division reported improved third-quarter results of $5.9 million, up from $4.5 million.

   For the first nine months of 2001, net income was $26.3 million, on net operating revenue of $1.91 billion, compared with net income of $26.0 million on net operating revenue of $1.64 billion for the year-earlier period.

   SNTG reported income from operations of $106.1 million for the nine-month period, compared to $60,9 million for the year-earlier period.