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incremental loss provision of $155.0 million related to the MSC Flaminia, and
$8.3 million after the provision adjusted for tax and profit sharing, with
revenue of $721.9 million, compared with a net profit of $99.8 million, with
revenue of $708.7 million, in the first quarter. The net profit for the first
six months of 2023 before the loss provision was $213.1 million, and $108.1
million after the provision adjusted for tax and profit sharing, with revenue of
$1,430.6 million, compared with a net profit of $110.9 million, with revenue of
$1,295.3 million, in the first six months of 2022.
Highlights for the second-quarter 2023, compared with the first quarter, were:
- Stolt-Nielsen reported a record quarterly result before the loss provision.
- Stolt-Nielsen Limited (SNL) consolidated EBITDA(1) of $82.5 million, down
from $215.6 million. Before the loss provision the EBITDA was $227.5
million.
- Stolt Tankers reported operating profit of $96.8 million, up from $87.1
million, largely driven by higher contract rates and improved spot volume.
- The STJS average sailed-in revenue for the quarter was $30,880 per operating
day, up 6.2% from $29,066.
- Stolthaven Terminals reported operating profit of $27.8 million, up from
$25.1 million as throughput revenue at owned terminals increased by 18.9%.
- Stolt Tank Containers reported operating profit of $39.7 million, marginally
up from $39.3 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 $4.4 million, down from $5.6 million, reflecting higher
production costs as electricity and feed costs increased together with
administrative and general expenses.
- Stolt-Nielsen Gas reported an operating loss of $2.7 million, compared to a
loss of $3.4 million.
- Corporate and Other reported an operating profit of $2.0 million compared to
a $9.2 million loss in the prior quarter.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited,
commented: "The second quarter produced record performance for the group, with a
solid performance from our four main divisions. Stolt Tankers generated record
results, benefitting from higher contract freight rates as renewals concluded in
prior quarters took effect. Results at Stolthaven Terminals improved on the back
of continued high utilisation and an improvement in throughput volumes. At Stolt
Tank Containers, the number of shipments increased, but at lower margins due to
increased competition. For Stolt Sea Farm, the second quarter saw a good
increase in sales volume following a slow January and February and a further
strengthening in the price of sole, however inflationary pressures negatively
impacted production costs.
"The average rate increase on contracts of affreightment (COA) renewed by Stolt
Tankers in the second quarter was almost 56% on average but on a relatively
modest volume. However, due to the overall macroeconomic environment and related
volatility in the broader tanker markets, we are currently seeing spot rates
under pressure and expect to see a small drop in our sailed-in revenue during
the third and fourth quarters. Our long-term view remains positive on the back
of a continued favourable supply outlook for the chemical tanker markets.
"At Stolthaven Terminals, a slowdown in the demand for chemicals driven in part
by the uncertain economic environment could ease some of the recent tightness
seen in the global storage market. However, having recently secured higher
storage rates on contract renewals we expect relatively flat earnings in the
second half of the year.
"The anticipated margin reduction in the tank container market has started to
materialise. My expectation is for a reduction in STC’s earnings beginning in
the third quarter and continuing through the remainder of the year.
“With the advent of summer, Stolt Sea Farm is experiencing a pick-up in demand
in the hospitality sector, buoyed by a seemingly strong start to the tourist
season in southern Europe. With strong production growth at our turbot and sole
farms we continue our focus on expanding our sales channels and geographical
reach to support sales growth and price improvements.”
“Although the adverse ruling in the MSC Flaminia court case was a tremendous
disappointment, it is testament to the strength of the organisation that the
Company, even after taking a loss provision of $155 million, maintains the
liquidity and balance sheet strength to support its operations and pursue its
strategy uninterrupted.”
(1) Before fair value of biological assets, gain (loss) on sales of assets and
other one-time, non-cash items.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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