Stolt Sea Farm Holdings plc (SSF) reported a loss from operations in the third quarter of 2003 of $18.7 million compared with income from operations of $2.3 million in the third quarter of 2002 and a loss from operations of $8.1 million in the second quarter of 2003. Salmon spot prices in the U.S. remained strong, but SSF's results in the Americas region were held down by some contract commitments and having fewer fish available on the East Coast due to last winter's super chill and poor growth in Chile. Salmon pricing in Europe was weak most of the third quarter, but in recent weeks prices have improved some 25%.
In Asia, SSF's results were negatively impacted by a writedown of inventory and lower bluefin tuna prices and volumes as some of the harvest was deferred to the fourth quarter. The turbot operations in Iberia posted another solid quarter.
Looking forward, Mr. Stolt-Nielsen said, " prices appear to be moving in the right direction for SSF. We remain fully committed to working with our lenders to reach a mutually satisfactory resolution to our current financial situation."
Stolt-Nielsen S.A. is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through its parcel tanker, tank container, terminal, rail and barge services, provides integrated transportation for its customers. Stolt Sea Farm, wholly owned by the Company, produces and markets high quality Atlantic salmon, Salmon Trout, Turbot, Halibut, Sturgeon, Caviar, Bluefin Tuna, and Tilapia.