Stolt-Nielsen Limited has reported strong unaudited results for the first quarter of 2024, marking a solid start to the year. The company recorded a net profit of $104.0 million and revenue of $707.3 million in the first quarter, compared to a net profit of $99.8 million and revenue of $708.7 million in the same period last year.

Key highlights for the first quarter of 2024 include:

  •  Stolt-Nielsen Limited consolidated EBITDA of $207.2 million, slightly lower than the $215.6 million reported in the first quarter of 2023.
  • Earnings per share for the quarter increased to $1.94 from $1.86.
  • Stolt Tankers reported an operating profit of $93.0 million, up from $87.1 million.
  • The STJS average time-charter equivalent revenue for the quarter was $29,944 per operating day, representing a 3.0 percent increase from $29,066.
  • Stolthaven Terminals reported an operating profit of $28.5 million, up from $25.1 million.
  • -Stolt Tank Containers reported an operating profit of $13.3 million, down from $39.3 million.
  • Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $6.9 million, up from $5.7 million.
  • Stolt-Nielsen Gas reported an operating loss of $2.0 million, compared to a loss of $3.4 million.
  • Corporate and Other reported an operating cost of $10.7 million, reflecting profit sharing accruals and other non-divisional expenses.

Udo Lange, chief executive officer of Stolt-Nielsen Limited, expressed satisfaction with the strong start to the new financial year. He attributed the firm market conditions experienced by Stolt Tankers in 2023 to the continued success in the first quarter, which was further supported by the restricted transits of the Panama and Suez canals. Lange also highlighted the strengthening of spot rates during the first quarter, with the effects expected to be seen in the second quarter onwards. However, he noted that some contract volumes have declined as customers adjust to supply chain disruptions.

Lange mentioned that Stolthaven Terminals achieved record operating results, focusing on higher-margin business opportunities. At Stolt Tank Containers, shipment volumes increased significantly, reaching a record 40,047 shipments in the first quarter, representing a 22 percent growth compared to the same quarter last year. He also mentioned that the reductions in margins and demurrage revenue experienced in 2023 have leveled off.

Stolt Sea Farm continued its strong operating performance into the first quarter, driven by rising sales volumes and firming prices for turbot and sole.

During the quarter, the company’s deep-sea joint venture, NYK Stolt Tankers, announced a new building order for six stainless-steel fuel-efficient ships from Nantong Xiangju Shipyard in China. These newbuildings are expected to be delivered from late 2026 onward. This order brings the total deep-sea orderbook to 12 ships, providing a favourable delivery schedule that aligns with the retirement of older tonnage.

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10th April 2024