Norwegian-listed shipping company Stolt-Nielsen reported a drop in net profit for the third quarter of the year.
Net profit for the quarter reached $3 million following a $12.9 million impact from a change in the accounting for the company’s investment in Avance Gas Holdings.
This compares to a net profit of $9.5 in the previous quarter, while the first nine months profit reached $51.3 million in 2018 compared to $49.2 million in 2017.
Following the recent $182 million investment in Avenir LNG a company set up to pursue opportunities in the small-scale liquefied natural gas market, Stolt-Nielsen consolidated all of the Stotl-Nielsen Gas small-scale activities into Avenir.
SNG’s initial contribution will consist of its two newbuilding contracts, plus two declared options at Keppel Singmarine, its investment in the Higas SRL storage, regasification and distribution facility in Sardinia; and a cash consideration of $17.0 million, for a total of $49.5 million.