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Stolt-Nielsen reports unaudited results for first quarter

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Meenal Datar

Membership specialist

Stolt-Nielsen Limited has announced its unaudited results for the first quarter ending February 28, 2023. The company reported a first-quarter net profit of $99.8 million (€91.1 million), with revenue of $708.7 million (€646.9 million), compared with a net profit of $95.3 million (€86.9 million), with revenue of $732.5 million (€668.6 million), in the fourth quarter of 2022.

Highlights for the first-quarter 2023, compared with the fourth quarter of 2022, were:

  • Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $215.6 million (€196.8 million), up from $197.8 million (€180.6 million).
  • Stolt Tankers reported operating profit of $87.1 million (€79.5 million),up from $78.2 million (€71.4 million), largely driven by higher contract rates and improved spot volume.
  • The STJS average sailed-in revenue for the quarter was $29,066 (€26,547),  per operating day, up 7.0% from $27,162 (€24,808).
  • Stolthaven Terminals reported operating profit of $25.1 million (€22.9 million), compared with $20.8 million (€18.9 million) as operating revenue at the terminals in the US and Brazil improved.
  • Stolt Tank Containers reported operating profit of $39.3 million (€35.8 million), down from $44.9 million (€41 million). Lower transportation and demurrage revenue was partly offset by lower ocean freight cost and an increase in shipments.
  • Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $5.6 million (€5.11 million), up from $3.3 million (€3 million), reflecting seasonally higher sales volumes during the Christmas season and higher prices for sole.
  • Stolt-Nielsen Gas reported an operating loss of $3.4 million (€3.1 million), compared to a loss of $2.9 million (€2.64 million).
  • Corporate and Other reported an operating loss of $9.2 million (€ million), compared with a loss of $10.4 million (€ million).

Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited says: ‘The first quarter continued where 2022 ended, with a solid performance from all businesses during what is typically the seasonally weakest quarter of the year. Stolt Tankers improved on the prior quarter results as we began to see the impact of contract renewals on our earnings. Results at Stolthaven Terminals improved on the back of continued high utilisation, although throughput volume was down slightly.’

 

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