Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter and First Half of 2023
06 Julho 2023 - 3:13AM
Stolt-Nielsen Limited Reports Unaudited Results For the Second
Quarter and First Half of 2023
LONDON, July 6, 2023 –
Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported
unaudited results for the second quarter ending May 31, 2023. The
Company reported a second-quarter net profit of $113.3 million
before an 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
EBITDA1 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
- SNL - 2Q23 Earnings Release
- Interim Accounts 2nd Qtr 2023
Stolt-nielsen (LSE:0OHK)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Stolt-nielsen (LSE:0OHK)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024