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$744.0 million, compared with a net profit of $58.6 million, with revenue of
$689.1 million, in the second quarter. The net profit for the first nine months
of 2022 was
$185.6 million, with revenue of $2,039.3 million, compared with a net profit of
$43.8 million, with revenue of $1,588.0 million, in the first nine months of
2021.
Highlights for the third quarter, compared with the second quarter of 2022,
were:
- Stolt Tankers reported operating profit of $61.1 million, up from $40.8
million, largely driven by higher spot rates.
- The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index
increased from 0.56 to 0.64. The STJS sailed-in revenue for the quarter was
$24,341 per operating day, up from $20,772, based on an average ship size of
31,686 deadweight tonnes (DWT).
- Stolthaven Terminals reported operating profit of $20.7 million, down from
$25.7 million. Adjusting for one-offs, operating results were in line with
the prior quarter, reflecting steady underlying performance.
- Stolt Tank Containers (STC) reported operating profit of $43.1 million, down
from $44.7 million. Lower shipment margins were mostly offset by an increase
in shipments and higher demurrage revenue.
- Stolt Sea Farm reported an operating profit before fair value adjustment of
biomass of $6.1 million up from $4.7 million, reflecting higher average
sales prices for both turbot and sole.
- Stolt-Nielsen Gas reported an operating loss of $2.0 million, compared to an
operating loss of $1.8 million.
- Corporate and Other reported an operating loss of $14.8 million compared
with a loss of $5.9 million. The third quarter included a profit sharing
accrual of $13.7 million, an increase of $5.6 million, and higher other
employee benefit expenses.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited,
commented: "Net profit continued to improve in the third quarter as we finally
start to see the impact of the tightening chemical tanker markets. Halfway
through our second quarter, in April, momentum began to build in the spot
market, with rapid increases in rates, the impact of which became evident during
the third quarter when spot rates increased by almost 40% from the second
quarter average, pushing our sailed-in revenue per day to an average of $24,341.
Subsequent to quarter-end, we have seen this momentum continue and expect
further improvements in the sailed-in revenue in subsequent quarters with a
positive impact from improved contract renewals. The tankers team has been
actively building up our fleet adding 12 ships since 2020 for a total fleet of
more than 160 ships, the largest in the Company’s history as we enter the strong
market.
Results at Stolthaven Terminals were steady when allowing for several one-off
adjustments in this and the prior quarter, reflecting an improvement in
utilisation and throughput volume, off-set by the negative impact related to the
strengthening of the US Dollar on earnings from our non-US terminals.
Stolt Tank Containers delivered another strong quarter owing to their success at
maintaining margins per shipment as the number of shipments increased during the
quarter. At Stolt Sea Farm, increased production allowed for steady sales
volumes at higher prices for both turbot and sole.
"The upturn in the chemical tanker markets has come at a good time as we enter
our busiest contract renewal season during the fourth quarter. At Stolthaven
Terminals, high utilisation will continue to have a positive impact on margins
for the rest of the year, while STC will likely see an easing in congestion,
allowing for an improvement in volumes, but also with a possible squeeze in
margins as capacity constraints ease. At Stolt Sea Farm the autumn season tends
to be seasonally weaker, so our focus remains on controlling costs while
continuing the geographical expansion of markets for our premium species.
“Improving markets for chemical tankers also means improved cash flow generation
for the group. There is always a temptation to reinvest this cash in capacity
expansions of our various businesses, however we are mindful of the global
recession risk at our doorstep. Our priorities remain to reduce debt and improve
our breakeven cost levels to make the group more competitive overall, so that we
are well placed to withstand shocks in the global economy.”
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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