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2015-04-09

Stolt-Nielsen Limited: Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2015

LONDON, April 9, 2015 -
Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for
the first quarter ended February 28, 2015. Net profit attributable to
shareholders in the first quarter was $38.7 million, with revenue of $487.7
million, compared with a net profit of $13.1 million, with revenue of $532.3
million, in the fourth quarter of 2014.

Highlights for the first quarter of 2015, compared with the fourth quarter of
2014, were:

* Stolt Tankers reported an operating profit of $19.0 million, up from $12.5
million excluding one-time items in the previous quarter, largely
reflecting the favourable net impact of lower bunker fuel prices.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1]was 0.67,
compared with 0.65 in the prior quarter.
* Stolthaven Terminals reported an operating profit of $15.6 million, up from
$14.0 million excluding a reversal of a provision of $3.8 million in the
fourth-quarter, related to the termination of a customer contract at
Stolthaven New Zealand .
* Stolt Tank Containers reported an operating profit of $16.0 million, down
from $19.5 million, due primarily to the normal seasonal slowdown impacting
utilisation, though margin per shipment held steady.
* Stolt Sea Farm reported an operating loss of $0.3 million, compared with an
operating loss of $0.4 million. T he accounting for inventories at fair
value had a negative impact of $1.1 million in the first quarter, compared
with a negative impact of $0.4 million in the fourth quarter.
* Corporate and Other reported an operating profit of $21.1 million, which
included a gain of $19.8 million, resulting from the curtailment of a
defined benefit pension plan, which, as previously announced, was frozen on
December 31, 2014, and replaced with a defined contribution plan.

Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief
Executive Officer of Stolt-Nielsen Limited, said:

"The improvement this quarter derives primarily from lower bunker costs in
Stolt Tankers, but also from initiatives taken to lower overall costs in the
group. At Stolt Tankers, the net impact of lower bunker prices improved
results, though utilisation and freight rates were down. At Stolthaven
Terminals, underlying operating performance improved this quarter.
Utilisation at our terminal in Santos was up. Operating results at Stolt Tank
Containers reflected the impact of seasonal slowdowns, with a reduced number
of shipments and lower utilisation."

"Looking ahead, we expect to continue to benefit from lower bunker fuel prices
in the second quarter, but cargo volumes must increase if we are to see any
material improvement in the chemical tanker market. We have yet to see any
sustained increases to date and, unfortunately, there are no indications of
any improvement in the near future."
---------------------------------------[1]Effective with the second quarter 2014, the Sailed-in Time Charter index
has
been revised.
The Stolt Tankers Joint Service Sailed-in Time-Charter index is an indexed
measurement of the performance of the market in which the Joint Service
operates. The sailed-in rate per operating day is a measure frequently used
by shipping companies, which subtracts from a ship's operating revenue the
variable costs associated with a voyage, primarily commissions, sublets,
transshipments, port costs, and bunker fuel. The previous index was set at
1.00 in the first quarter 1990, based on the average sailed-in time-charter
result for the fleet at the time. The new index has been set at 1.00 in the
first quarter of 1996. In addition, the sailed-in time charter result has
been adjusted to exclude the impact of bunker hedge results and changes to
the average ship size in the fleet. Finally, the sailed-in time charter
result has been adjusted for the average inflation rate from 1996 onwards.
The inflation rate applied is the Consumer Price Index for All Urban
Consumers (CPI-U): U.S. city average, by expenditure category and commodity
and service group, all items (1982-84=100) as published by the Bureau of
Labor Statistics as part of the Consumer Price Index Detailed Reports.

SNL 1Q15 Earnings Release
http://hugin.info/154/R/1909649/680853.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Stolt-Nielsen Limited via Globenewswire

HUG#1909649

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