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$33.5 million, with revenue of $580.9 million, compared with a net profit
attributable to shareholders of $7.8 million, with revenue of $526.9 million, in
the second quarter of 2021. The net profit attributable to shareholders for the
first nine months was $43.8 million, with revenue of $1,588.0 million, compared
with a net profit from continuing operations of $23.5 million, with revenue of
$1,474.5 million, in the first nine months of 2020.
Highlights for the third quarter, compared with the second quarter of 2021,
were:
- Stolt Tankers reported operating profit of $24.1 million, up from $12.6
million, reflecting improved trading results, lower owning expenses and a
gain on the sale of a ship.
- The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index improved
slightly from 0.51 to 0.53. The STJS sailed-in revenue for the quarter was
$18,795 per operating day basis an average size per ship of 32,020
deadweight tonnes (DWT).
- Stolthaven Terminals reported operating profit of $19.8 million, up from
$18.3 million, driven by improved utilisation at several owned terminals,
partly offset by lower equity income at joint ventures.
- Stolt Tank Containers reported operating profit of $24.7 million, up from
$12.5 million, reflecting higher transportation and demurrage revenue.
- Stolt Sea Farm reported an operating profit before fair value adjustment of
biomass of
$3.5 million compared with an operating loss of $1.4 million, reflecting a
strong improvement in sales prices for both turbot and sole.
- Corporate and Other reported an operating loss of $2.2 million compared with
a loss of $0.9 million as a result of higher accruals towards profit sharing
and long-term incentives.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited,
commented: "The improvement in the third quarter was primarily a result of very
strong performances and market conditions at Stolt Tank Containers and Stolt Sea
Farm. At Stolt Tankers we saw a recovery in contract nominations following the
second-quarter negative impact of the Houston freeze in February. As a result of
the higher contract volume carried, we were less reliant on the low paying spot
market, which has not yet shown any sign of recovery. At Stolthaven Terminals we
continued to see an increase in utilisation and throughput volumes, driving
improvements in revenue. Stolt Tank Containers’ markets continue to show
strength with rising freight rates and higher demurrage revenue compensating for
the rising costs. At Stolt Sea Farm the strong demand for both turbot and sole
led to increased sales volume and solid increases in prices during the
traditionally strong summer season.
"I am positive about the overall market outlook for all our businesses. Stolt
Tankers further consolidated by adding an additional six ships to its fleet
through the pool participation by Tufton Oceanic. As mentioned before, the
supply side in the chemical parcel tanker segment looks very favourable and it
is just a matter of time before we will see a further strengthening of the
market. At Stolthaven Terminals utilisation has continued to improve steadily
over recent months, and with such high utilisation it is expected that rates
will follow. As we enter the fourth quarter, the storage market conditions,
particularly in Houston, New Orleans, Singapore and Santos are looking
favourable. I expect the market for Stolt Tank Containers will continue to be
strong in the quarters to come. Even though we are operating under very
challenging circumstances due to tight ocean liner capacity, a shortage of truck
drivers and port congestion, we are able to pass on the additional costs and
improve margin per shipment. At Stolt Sea Farm, the new Cervo and Tocha farms
are both performing beyond our expectations. Biomass growth is stronger than we
first anticipated, and with our growing sales team we are now working to expand
the geographic scope of our customer base. Tocha had its first harvest in
August, four months ahead of schedule. Sole production capacity is now in excess
of 1,500 tonnes per year, up from 700 tonnes prior to the commissioning of the
two new farms.
"Momentum at Avenir LNG has accelerated with the commissioning of the Sardinia
terminal and multiple ship deliveries throughout the second half of 2021. The
first two vessels are already employed under solid charter arrangements with
Petronas and New Fortress Energy. The third ship, Avenir Aspiration, due for
delivery this week, will enter into service to supply our HIGAS terminal in
Sardinia, which began commercial operations in August. The Avenir Aspiration
plays a critical role in realising Avenir’s strategy of becoming the leading
small scale LNG supplier to our customers in Sardinia and throughout the
Mediterranean region. Looking forward, Avenir is close to finalising significant
opportunities for each of the last three vessels, which will service growing
small-scale LNG and bunkering demand in Asia Pacific, Europe and the Americas
respectively.
“In an effort to accelerate the roll-out of vaccines, Stolt Tankers continued
its own vaccination programme for crew members. To date we have vaccinated over
2,000 of our seafarers.”
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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