Stolt-Nielsen Limited Reports Unaudited Results For The First Quarter Of 2023
March 30 2023 - 2:30AM
UK Regulatory
TIDMSNI
LONDON, March 30, 2023 -- Stolt-Nielsen Limited (Oslo Børs
ticker: SNI) today reported unaudited results for the first quarter
ending February 28, 2023. The Company reported a first-quarter net
profit of $99.8 million, with revenue of $708.7 million, compared
with a net profit of $95.3 million, with revenue of $732.5 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, up
from $197.8 million.
-- Stolt Tankers reported operating profit of $87.1 million, up from $78.2
million, largely driven by higher contract rates and improved spot
volume.
-- The STJS average sailed-in revenue for the quarter was $29,066 per
operating day, up 7.0% from $27,162.
-- Stolthaven Terminals reported operating profit of $25.1 million, compared
with $20.8 million as operating revenue at the terminals in the US and
Brazil improved.
-- Stolt Tank Containers reported operating profit of $39.3 million, down
from $44.9 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, up from $3.3 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, compared to
a loss of $2.9 million.
-- Corporate and Other reported an operating loss of $9.2 million compared
with a loss of $10.4 million.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen
Limited, commented: "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. At Stolt Tank
Containers a decrease in container liner freight rates impacted the
rates we charge our customers, and with the easing of logistics
bottlenecks customers are returning tanks more quickly, reducing
demurrage revenue. For Stolt Sea Farm, the Christmas season is our
peak period, and it did not disappoint. However, as we entered
2023, we saw a slight reduction in the volume of turbot sales as
the cost-of-living increase impacted the hospitality industry.
"The average rate increase on contract renewals by Stolt Tankers
in the first quarter was approximately 50%, a significant
improvement over the fourth quarter's 30% rate increase. In pushing
hard for improved terms, a number of contracts were not renewed,
but we continue to see most of those contract volumes resurface in
the spot market, where we have been able to fix at higher rates --
negotiations continue. With a continued favourable supply/demand
balance expected in the chemical tanker markets during the coming
years we should see continued firmness in our segment.
"At Stolthaven Terminals, tightness in the global storage
market, especially for chemicals and specialty liquids including
biofuel feedstocks, has allowed for higher storage rates. We are
seeing an increase in inquiries, which indicates a stronger storage
market towards the end of the year.
"The tank container market has been holding up remarkably well.
However, our expectation in the coming months is that we will move
towards normalized market conditions.
"At Stolt Sea Farm we are seeing the impact of the increased
cost-of-living on the hospitality sector in the form of easing
demand. Consequently, we continue to expand our sales channels and
geographical reach to support sales growth and price improvements,
while focusing on maintaining the good growth in our biomass."
(1) Before fair value of biological assets and other one-time
items.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
-- SNL - 1Q23 Earnings Release Final
https://ml-eu.globenewswire.com/Resource/Download/f607cd31-052b-4f6b-b3fb-ada5a2c2eef9
-- Interim Accounts 1st Qtr 2023
https://ml-eu.globenewswire.com/Resource/Download/d79e72b1-295d-4ce8-bb3a-f84cd4935378
(END) Dow Jones Newswires
March 30, 2023 02:30 ET (06:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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