Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter and First Half of 2024

LONDON, July 11, 2024 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the second quarter and first half ending May 31, 2024. The Company reported a second-quarter net profit of $100.2 million with revenue of $741.1 million, compared with a net profit of $8.3 million with revenue of $721.9 million in the second quarter of 2023 when the Company recorded a loss provision of $155 million ($115.0 million after tax) related to the MSC Flaminia loss provision. The net profit for the first six months of 2024 was $204.1 million with revenue of $1,448.5 million, compared with a net profit of $108.1 million (net of the MSC Flaminia loss provision of $115.0 million after tax), with revenue of $1,430.6 million, in the first six months of 2023.

Highlights for the second quarter of 2024, compared with the second quarter of 2023, were:

  • Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $207.9 million, up from $82.5 million. 
  • Earnings per share increased to $1.87, up from $0.15.
  • Stolt Tankers reported operating profit of $106.5 million, up from $96.8 million. 
  • The STJS average time-charter equivalent (TCE) revenue was $32,862 per operating day, up 6.4% from $30,880.
  • Stolthaven Terminals reported operating profit of $28.2 million, up from $27.8 million.
  • Stolt Tank Containers reported operating profit of $12.5 million, up from an operating loss of $115.3 million following the impact of the MSC Flaminia $155 million loss provision recorded in the second quarter of 2023.
  • Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $8.2 million, up from $4.4 million.
  • Stolt-Nielsen Gas reported an operating loss of $5.2 million, compared to a loss of $2.7 million.  
  • Corporate and Other reported an operating cost of $14.3 million compared to a gain of $2.0 million reflecting higher profit-sharing accruals and other non-divisional expenses.

Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented: “I am very pleased with the overall strong performance of the Company, and our ability to deliver on our strategy and initiatives across the board as we aspire to be Simply the Best for our shareholders, customers and people. Stolt Tankers had another strong quarter, buoyed by higher spot freight rates due to the ongoing transit restrictions in the Red Sea, resulting in record high average TCE earnings of $32,862. 

"Stolthaven Terminals’ solid performance continued, supported by a long-term focus on margin improvement. Recent rate escalations have more than made up for reduced utilisation and reflect adjustments to rates above inflation due to strong storage demand at multiple locations. At Stolt Tank Containers shipment volumes continued to increase to a record 41,781 shipments during the second quarter – an increase of 17% from the same quarter last year – as we continue to grow our market share.

"Although margins declined slightly from the first quarter of 2024, we saw signs of the trend reversing towards the end of the second quarter. Stolt Sea Farm continued to perform with increases in revenue and operating profit driven by firming prices for both turbot and sole on the back of steadily rising sales volume throughout the quarter."

Conference Call
Stolt-Nielsen Limited (Oslo Børs: SNI) will host a virtual presentation to discuss the Company’s unaudited results for the second quarter and first half of 2024 on Thursday, July 11, 2024 at 15:00 CEST (09:00 EDT, 14:00 BST). The virtual presentation will be hosted by: 

  • Mr. Udo Lange - Chief Executive Officer, Stolt-Nielsen Limited
  • Mr. Jens F. Grüner-Hegge - Chief Financial Officer, Stolt-Nielsen Limited
  • Mr. Alex Ng - Vice President Strategy & Business Development, Stolt-Nielsen Limited

To join the virtual presentation, please click here. The presentation will be published on our website:

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