Stolt-Nielsen Limited
Annual Report 2024
Our logistics businesses move
today’s products for tomorrow’s
possibilities. And in land-based
aquaculture we ensure that
future generations continue
to enjoy wonderful seafood.
We are trusted,
global pioneers
Directors’ Report
1 Financial Highlights
2 At a Glance
3 Chairman’s Statement
5 Chief Executive Officer’s Review
7 Business Model
8 Long-Term Value Creation
9 Our Strategy
10 Business Review
10 Stolt Tankers
12 Stolthaven Terminals
14 Stolt Tank Containers
16 Stolt Sea Farm
18 Stolt Investments
19 Financial Review
33 Sustainability
34 Working sustainably
38 Health and safety
44 Environment
53 Social
59 Corporate Governance
60 Board of Directors
62 Corporate Governance Report
Financial Statements
69 Consolidated Statement of Total Comprehensive Income
70 Consolidated Balance Sheet
71 Consolidated Statement of Changes in Shareholders’ Equity
72 Consolidated Statement of Cash Flows
73 Notes to the Financial Statements
138 Responsibility Statement
139 Independent Auditors’ Report
Other Information
148 Shareholder Information
149 Contacts
Contents
See our business model on page 7.
Find out more about our approach to
sustainability on pages 33 to 58.
Forward-looking statements
Included in this publication are various ‘forward-looking
statements’, including statements regarding the intent,
opinion, belief or current expectations of the Company
or its management with respect to, among other things,
(i) goals and strategies, (ii) plans for new development,
(iii) marketing plans, and the Company’s target markets,
(iv) evaluation of the Company’s markets, competition
and competitive positions, and (v) trends, which may be
expressed or implied by financial or other information or
statements contained herein.
Such forward-looking statements are not guarantees
of future performance and involve known and unknown
risks, uncertainties and other facts that may cause the
actual results, performance and outcomes to be materially
different for any future results, performance or outcomes
expressed or implied by such forward-looking statements.
These factors include in particular, but are not limited to,
the matters described in the Principal Risks section on
pages 29-32.
Online Annual Report
For an interactive experience
please visit:
stolt-nielsen.com/annual-
report-2024/
Online
A
F
F
Fo
r
an
int
e
p
p
pl
ease vis
s
s
st
olt-
ni
i
el
s
r
r
re
p
o
rt
rt
-2
0
2
Our performance Key figures
Operating revenue
US $2,891m
Operating revenue by business Total assets by business
7,000
People
See pages 53-58 for more information
3
Sustainability Gold ratings
from EcoVadis
See pages 42, 45 and 47 for more information
US $7.38
Earnings per share
See page 134
US $843m
EBITDA
Earnings before interest, taxes, depreciation and amortisation,
before fair value adjustment of biological assets and other
one-time items
Operating profit
US $539m
Operating profit by business
1
Financial Highlights
1. Excluding Stolt-Nielsen Gas, and Corporate and Other loss of $50.1 million.
Stolt Sea Farm: 127
Stolt Tank Containers: 652
Stolthaven Terminals: 308
Stolt Tankers: 1,803
US $ millions
62%
11%
23%
4%
Stolt Sea Farm: 29
Stolt Tank Containers: 59
Stolthaven Terminals: 110
Stolt Tankers: 390
US $ millions
66%
19%
10%
5%
Stolt Sea Farm: 159
Stolt Tank Containers: 675
Stolthaven Terminals: 1,413
Stolt Tankers: 2,234
Stolt-Nielsen Gas: 188
Corporate and Other: 434
US $ millions
44%
28%
13%
3%
4%
8%
20242023202220212020
2,820
2,891
2,772
2,181
1,955
190
234
448
539
420
20242023202220212020
4,665
4,636
4,729
5,103
4,984
20242023202220212020
Total assets
US $5,103m
Stolt-Nielsen Limited | Annual Report 2024 1
Financial Statements Other InformationDirectors’ Report
Stolt
Tankers
2
Liquid logistics Aquaculture Investments
Stolthaven
Terminals
3
Stolt
Sea Farm
Stolt Tank
Containers
Stolt
Investments
Leading operator of
deep-sea and regional
chemical tankers, providing
safe, high-quality and
flexible global transportation
services for bulk liquids
162
Chemical tankers
3.1m
Deadweight tonnes capacity
Leading provider of storage
and handling solutions for
chemicals, clean petroleum
products, liquefied
petroleum gases, biofuels,
vegetable oils, alternative
fuels and feedstocks
5.0m
m
3
storage capacity
14
Terminals
Leading provider of
bespoke logistics and
transportation services for
door-to-door shipments of
bulk liquids, operating the
world’s largest fleet of
ISO tanks
51,000
Tank containers
21
Depots and hubs
3
One of the world’s most
advanced land-based
aquaculture companies,
and the premier provider of
high-quality turbot and sole
in an environmentally
sound manner
14
Land-based farms
9,000
Tonnes production capacity
Creating value from
opportunities that align
with our core competencies
95.8%
in Avenir LNG
2.5%
in Golar LNG
13.6%
in Odfjell SE (A shares)
8.5%
in Ganesh Benzoplast
12.3%
in The Kingfish Company
At a Glance
1
1. As at the date of this report.
2. Includes joint ventures and managed ships.
3. Includes joint ventures.
2Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
Chairman’s Statement
This has been a year of transition, both for me personally
and for our Company. I stepped back from my executive role
as CEO into the Chairmanship in the final quarter of last year,
to work with Udo Lange to bring in a new chapter for our
business. I am delighted that during his first full year as CEO,
Udo has brought new energy and enthusiasm, combined
with strong discipline and a real focus on customers, which
the Board has found inspiring. Udo has embraced our culture
and quickly built strong relationships at all levels of the
business, and I am confident that the Board and I made
the right choice.
Financial performance
Stolt-Nielsen (SNL) has delivered consistently strong
financial performance this year, demonstrating focus
and discipline, and an ability to adapt to changing market
conditions. We have given considerable attention to
optimising our business divisions’ performance, driving
improved margins and volume growth. Before fair value
adjustments, the Company has delivered record high levels
of EBITDA.
1
Net profit was $394.8 million compared with
$296.7 million in 2023. (Excluding the impact of a provision
related to the MSC Flaminia claim, 2023 net profit would
have been $411.7 million.) I would like to thank each of our
employees for their contribution to our impressive results
this year.
We continue to invest across all our businesses – enhancing
our market positions, expanding our asset base and
strengthening our portfolio to enable solid financial
performance throughout the cycle. For example, at Stolt
Tankers we secured on-the-water and newbuilding
replacement tonnage to maintain our market-leading
position; at Stolthaven Terminals we are increasing capacity
with expansion projects; and at Stolt Tank Containers we are
optimising our scalable platform. In addition, we have
expanded our production sites at Stolt Sea Farm.
We are also building strength in our digital capabilities.
The Board approved an interim dividend of $1.25 per
Common Share to shareholders of record as of November 22,
2024, which was paid on December 4, 2024. On February 11,
2025, the Board recommended a final dividend of $1.25 per
Common Share, subject to shareholder approval at the SNL
Annual General Meeting on April 17, 2025. This demonstrates
our commitment to providing sustainable long-term cash flow
to shareholders. Our capital allocation strategy allows us to
fund the investment needs of our divisions to facilitate future
growth; meet debt service obligations; and provide dividends,
with ample headroom within the leverage limits the Board
has set.
Strategy evolution
Serving our customers has always been at the heart of what
we do, and is made possible by the dedication and passion
of the 7,000 people we have working across the world. It is
right then, that ‘Customers’, ‘People’ and ‘Shareholders’ are
the foundation of the Company’s refreshed ‘Simply the Best’
strategy, which seeks to create additional shareholder value
by leveraging our unique position as a market leader in bulk
liquid logistics and land-based aquaculture (see Our Strategy
on page 9).
Corporate governance
During 2024, the Board held four scheduled meetings
(two in Bermuda, one in Norway and one in Singapore)
and four ad hoc meetings. The Audit Committee held eight
scheduled meetings (two in Bermuda, one in Norway, one in
Singapore and four virtually). Members of the Board and
Audit Committee also attended additional meetings
throughout the year, as required by business needs.
“Stolt-Nielsen has delivered another
year of outstanding results, with
a strong performance from each
of our divisions.”
Niels G. Stolt-Nielsen, Chairman
1. Earnings before interest, taxes, depreciation and amortisation, before fair value
adjustment of biological assets and other one-time items.
3Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
Having robust policies and practices in place is the
foundation of being a good corporate citizen, and so during
the year we updated our Code of Business Conduct with
respect to safety because it is fundamental to the way we
do business. Everyone in our company must understand
their role in making sure we are acting responsibly and
ethically, in compliance with relevant laws, regulations
and company policies (see pages 55-57).
We provide an online platform, known as Speak Up, to
confidentially report concerns about unethical behaviour
and any potential, suspected or actual breach of the Code
of Business Conduct. These reports are taken seriously and
investigated by the Head of Internal Audit, with oversight
from the Audit Committee (see page 56).
Board succession
September 2024 saw the retirement of Independent Director
Mr Samuel Cooperman from the Board. Sam has enjoyed a
long history with us, and 2024 marked his 50
th
anniversary
of joining SNL. Sam joined the Board in 2008 and has chaired
the Audit Committee and Compensation Committees as well
as serving as Chairman from 2016 to September 2023. On
behalf of my fellow Directors, I would like to thank Sam for
his considerable contributions to the Company’s success
and for his commitment to strong governance, evidenced
through his many years of service in key Committee roles.
I also wish to personally thank him for his guidance,
mentorship and friendship over the years. We wish him
all the very best.
Mr Jan Chr. Engelhardtsen assumed the chairmanship of the
Audit Committee in September 2024, and I was appointed
Chair of the Compensation Committee at the same time.
Investor engagement
The Board represents the shareholders’ interests and seeks
to protect shareholder value. As such, we recognise the
importance of open investor engagement, conducted by
both the Board and the executive management team.
Alongside the Annual General Meeting, held in April 2024,
this year the Company held a Capital Markets Day in June.
This event covered the breadth of our business and gave
investors and analysts an opportunity to see ‘beneath the
hood’ and hear directly from our divisional management
teams on strategy and operations, giving greater insight
and showcasing the strength of our team. Recordings of
the event presentations are available at: stolt-nielsen.com/
investors/financial-results/.
Sustainability matters
The nature of our business means that our operations
take place in, and affect, the natural world; so working in
a responsible and sustainable manner is essential. Being
mindful of, and minimising our impact on, the marine
environment in particular is at the forefront of our approach
to sustainability. The safety and wellbeing of our workforce
is also of paramount importance. A safety-first culture is
embedded within our ways of working, and our approach
to health and safety is set out on pages 38-43.
While greater transparency can have a positive impact on
industry and wider society, the Corporate Sustainability
Reporting Directive (CSRD), which impacts our reporting
from financial year 2025, feels counterproductive. The
extensive requirements place an increasing burden on
businesses in terms of the resources, time and knowledge
needed to meet the legislation. Several EU member states
are yet to implement the rules and there are mounting calls
from business leaders for a rollback or simplification of the
requirements. I add my voice to these as I believe such
bureaucratic processes impose high overhead costs and
deliver few tangible benefits to building a more sustainable
business. We are monitoring developments closely whilst
ensuring SNL has the underlying infrastructure in place in
terms of systems, policies and data management to
facilitate the CSRD reporting obligations.
We support the UN Sustainable Development Goals and
have identified three of these as priority areas for SNL,
namely: Responsible Consumption and Production, Climate
Action, and Life Below Water. Further detail can be found in
the Sustainability section of this report, from page 33.
Outlook
We operate in dynamic markets characterised by geopolitical
uncertainties and an evolving regulatory landscape, particularly
in relation to sustainability. These factors can represent
headwinds, for both our customers and our own operations
– but in challenges we also see opportunity. We have a
strong heritage of entrepreneurship and innovation, and are
confident that technological advances will continue to power
our drive to become more efficient, safer and more
sustainable. Keeping pace with this evolution will not only
enhance our ability to serve our customers but also unlock
significant long-term value for our shareholders.
Our divisions maintain market-leading positions across
their respective segments, demonstrating strong strategic
execution, and we are well placed to capitalise on robust
underlying market dynamics. Longer term, the Board is
confident that SNL has the appropriate governance
structures and robust risk management processes, coupled
with a strong leadership team with a clear strategy, and
anchored in a rich culture, to deliver sustainable growth.
These factors support our belief that the Company is well
positioned for the future.
Niels G. Stolt-Nielsen
Chairman
Stolt-Nielsen Limited
March 13, 2025
Chairman’s Statement continued
4Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
In my first full year at Stolt-Nielsen, we have delivered an
exceptional financial performance, despite fluctuating
market conditions. Although Stolt Tank Containers (STC)
has faced headwinds, capacity constraints due to macro
conditions have benefitted Stolt Tankers, while storage rates
in Stolthaven Terminals have been strong. At Stolt Sea Farm
(SSF) we have seen good demand for our seafood, allowing
for strong price development.
At the same time, we have more clearly defined and
energised our purpose, which resonates with our customers
and our people, and we have devised a refreshed strategy to
propel the Company into the future.
Trusted, global pioneers
Stolt-Nielsen was born out of the innovation and vision of
its founder Jacob Stolt-Nielsen, and this is not only a key
element of our heritage, but also remains a cornerstone of
our culture today. We have an entrepreneurial spirit and this
is balanced with discipline and focus, respect for each other
and a mindset governed by safety.
In liquid logistics, our purpose is to move today’s products
for tomorrow’s possibilities. We are the only company with
leading market positions in tankers, terminals and tank
containers, which means we have a unique bulk liquid
logistics business, rather than simply being a shipping
company. In land-based aquaculture, we prioritise animal
welfare, sustainability, exceptional taste and quality to
ensure that future generations continue to enjoy
wonderful seafood.
Financial performance
Net profit for 2024 was $394.8 million, compared with
$296.7 million in 2023. (Excluding the impact of a provision
related to the MSC Flaminia claim, 2023 net profit would
have been $411.7 million). Cash flow from operations
decreased from $721.4 million
1
in 2023 to $411.6 million
2
in
2024. Earnings per share were $7.38 in 2024, compared with
$5.54 in 2023. Net debt increased from $1,761.3 million
3
in
2023 to $1,852.0 million for 2024. Shareholders’ equity was
$2,152.3 million at year end, compared with $1,906.1 million
in 2023, bringing debt to tangible net worth down to 0.94
compared to 1.00 a year ago.
Strategic ambition
The Company has several fundamental success drivers in
place – we have an exceptional track record and are market
leaders – and this is coupled with a strong and
conservatively managed balance sheet. Our success is down
to our diverse portfolio, and the skills and dedication of our
people, working together to deliver our strategy: we aspire
to be ‘Simply the Best’ for our customers, people and
shareholders. With strong performance in these three
dimensions, this framework guides us to continuously
improve and innovate.
These ambitions are connected through aligning ways of
working across our liquid logistics operations, and in our
approach to people excellence, digitalisation and
sustainability, which cut across the whole organisation.
Customer excellence
I am really excited about bringing the liquid logistics
elements of our business closer together, enabling us to
offer integrated customer solutions with improved service
delivery and efficiencies. We aspire to be a strategic partner
for our customers, leveraging our long-standing relationships
and industry-leading logistics solutions to better fulfil their
business needs. More than 70% of our largest customers
purchase more than one service from us, illustrating the
opportunity to create more customer value by leveraging
our unique portfolio, scale and capabilities.
These efforts are already yielding results. Our net promoter
score was 41 in 2024 from a survey of 456 customers. Our
customers truly value our quality and reliability, particularly
through these uncertain and complex times. However, it is
our flexibility that truly differentiates us. We are the only
global player with deep-sea, regional and local fleets that link
“I am delighted to report that we have
enjoyed a year of record-breaking
achievements in 2024.”
Udo Lange, Chief Executive Officer
Chief Executive Officer’s Review
1. Excludes cash inflow during the year of $133.0 million relating to MSC Flaminia
insurance proceeds.
2. Includes cash outflow during the year of $290.0 million relating to the MSC
Flaminia legal claim.
3. Excludes cash of $133.0 million relating to MSC Flaminia insurance proceeds.
5Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
into terminals and combine with a worldwide tank container
network, enabling end-to-end bulk liquid supply chain solutions.
People excellence
We have more than 7,000 people in 30 countries. It is their
commitment to safety and their dedication and passion
which deliver our performance.
Employee feedback is essential to becoming the best employer
in our industries, retaining talent and ensuring continued
success. We maintained a high sustainable engagement
score of 86% in our annual survey this year (2023: 86%).
During 2024, we strengthened our Senior Leadership Team
(SLT), drawing on carefully managed succession plans. At
Stolt Tankers, Bjarke Nissen, Chief Commercial Officer joined
the SLT and Maren Schroeder was appointed President and
Chief Operating Officer. Uday Mahajan also joined the SLT
as Vice President of Continuous Improvement for SNL, while
Claire Farrell was appointed Chief of Staff.
Members of our SLT have also taken on executive sponsor
roles to foster cross-divisional success in key geographies.
Hans Augusteijn was appointed Executive Sponsor for India,
Guy Bessant for Asia and Bjarke Nissen for the Middle East.
This drives closer collaboration to support our liquid
logistics operations.
Our unrelenting focus on safety for people and protecting
our planet saw us continue to drive improvements and strive
to exceed industry standards. See pages 38-52.
Creating value
Ultimately, we are seeking to deliver shareholder value and
I am delighted to report that we enjoyed a year of record
breaking achievements in 2024.
Within Stolt Tankers, our flexibility to adapt to challenging
market conditions has enabled the delivery of record average
time charter earnings (TCE) per operating day of $31,574.
We have expanded at Stolthaven Terminals, with a new
terminal underway in Taiwan and expansions in the US.
We have also seen record shipment volumes at STC, up 8.8%
on last year and the team has pursued innovation in both
digitalisation and the development of a scalable platform.
At SSF we have invested in the expansion of our sole
hatchery, and volumes from our new farms are surpassing
expectations. This year, SNL increased its investment in
Odfjell SE from 8.3% to 13.6% and, in February 2025,
purchased an additional 48.8% of the shares in Avenir
LNG, bringing our total shareholding to 95.8%.
Our operational successes translate into a strong financial
performance. The financial performance in the year, and the
outlook, are such that, subject to approval at the upcoming
AGM, the Board has proposed to maintain the total dividend
at a record high of US $2.50. This demonstrates our
commitment to providing long-term cash flow
to shareholders.
Strong foundations
Our strategic pillars sit on strong foundations. The Company
has significant financial flexibility, with a disciplined capital
allocation strategy balancing growth, debt service and
dividends, which has created comfortable headroom in
leverage terms.
We continue to invest, not just in the expansion of our
operations but also in future-proofing our ways of working,
with digitalisation recognised as a key enabler of strategic
growth. We have exciting plans underway to maximise
synergies by aligning our businesses’ digital strategies to
achieve our aims across operational excellence, customer
excellence and sustainability.
This year our sustainability efforts were recognised by
EcoVadis, achieving Gold ratings for each of our logistics
businesses. We have also laid the groundwork for
compliance with the EU Corporate Sustainability Reporting
Directive (CSRD) by reviewing our sustainability impact,
risks and opportunities (IROs) to assess our most material
sustainability matters and put in place the resources to
capture and analyse the data required.
Market factors and risk
We operate in global markets, so geopolitics and macro-
economic factors inevitably impact our business
and performance.
We believe that the supply and demand fundamentals for
ourliquid logistics operations remain supportive for the
foreseeable future. However, crude and product tanker
markets continue to be volatile, driven by geopolitical
uncertainties, causing potential impact from swing tonnage
in our segment. Recent developments in the Red Sea, fleet
sanctions and potential tariffs could impact trade flows,
volumes and freight rates in either direction. Wecarefully
evaluate the potential impact on our operations ofmaterial
geopolitical and regulatory events, but we believe ourscale,
people and breadth of offering position us well.
Outlook
Despite these risks and uncertainties, I strongly believe that
Stolt-Nielsen has firm foundations. These, coupled with our
clearly defined strategy, will enable us to navigate through
stormy waters and continue to deliver value for our
shareholders, customers and people. I would like to thank
our stakeholders for their support over the year – the
immeasurable commitment and passion of our people, the
dependability ofoursuppliers, and the trust our customers
and shareholders continue to place in us and our strategy.
We are well positioned to achieve our goals. We will continue
to live our purpose astrusted, global pioneers, as we aspire
to be ‘Simply the Best’ for our customers, people and
shareholders, through 2025 and beyond.
Udo Lange
Chief Executive Officer
Stolt-Nielsen Limited
March 13, 2025
Chief Executive Officer’s Review continued
6Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
P
i
o
n
e
e
r
s
i
n
l
i
q
u
i
d
l
o
g
i
s
t
i
c
s
a
n
d
a
q
u
a
c
u
l
t
u
r
e
Business Model
Who we are
We are trusted, global pioneers in liquid logistics and
sustainable land-based aquaculture, and a long-term
investor and manager of businesses that form integral
parts of global supply chains.
We have a heritage as pioneers in the shipping,
logistics and aquaculture industries, and we retain this
entrepreneurial spirit and agility within our culture to
this day.
Our business model
We create value for all our stakeholders through
innovation, quality, customer excellence and safety
for both people and the environment.
Our culture
Our culture is deeply rooted in what we call The Stolt
Way. This is how we live our values, which have been
the guiding principles of our company since it was
founded in 1959.
Stolthaven
Terminals
#8
Independent global
storage providers
1
Stolt Tank
Containers
#1
Global tank
operators fleet
1
Stolt Sea
Farm
$116bn
European seafood
market value
1
Stolt
Investments
Stolt Tankers
#1
Largest parcel tanker
fleet by dwt
1
Liquid
logistics
Financial
flexibility
for growth
investments
Our 7,000 people are the heart of
our success – living our values,
putting safety first and being
‘Simply the Best’
T
h
e
S
t
o
l
t
W
a
y
Create
solutions
Act
pragmatically
Collaborate
for success
Commit to
go further
Safety first
People
and planet
See page 54 for more information on The Stolt Way
1. Sources: CKB Fleet List (2024), includes regional and barging fleet;
Tankterminals.com – storage terminals that can hold both chemicals
and CPP, with the Advario Stolthaven Antwerp JV terminal included in
Stolthaven Terminals’ asset base; ITCO Global Tank Container Fleet
Survey (2024); European Fish and Seafood Sales (Statista 2025).
7Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
Long-Term Value Creation
Expert industry knowledge
• Deep understanding of logistics, distribution
and aquaculture
• Leveraging our knowledge and relationships to
deliver superior growth and strong cash flow
• Long-standing, strategic partnerships with
key customers
Corporate structure
• Cost-efficient financial, strategic and other
centralised services
• Efficient use of assets and focus on cost control
contribute to strong cash flow generation
• Leveraging industry expertise to ensure disciplined
capital allocation and prudent risk management
• Focus on providing consistent competitive cash
returns to shareholders
Market-leading positions
• Global bulk liquid logistics businesses store and
transport essential feedstocks for the consumer
goods, agriculture and chemical/energy industries,
as well as food-grade products
• Innovative land-based aquaculture addresses the
growing demand for sustainable seafood
Diversified portfolio of
businesses
• Best-in-class customer service, from simple logistics
to integrated end-to-end liquid logistics supply
chain solutions
• Multiple businesses provide flexibility to navigate
industry and macro cycles
Serving significant end markets
• Businesses with leading global positions and
attractive demand fundamentals
• Economies of scale to drive lower costs and offer
operational flexibility to our customers
Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
8
Our Strategy
Elevating business performance and unlocking synergies
Our purpose
We are trusted, global pioneers in liquid logistics and land-based aquaculture
Liquid logistics
We move today’s products for tomorrow’s possibilities
Aquaculture
We ensure that future generations continue to enjoy
wonderful seafood
Liquid logistics
We deliver value for customers by forging closer links
between our three liquid logistics businesses.
Operational excellence
Continuous improvement is at the heart of our
performance, helping us to maximise efficiencies,
reduce costs and offer high-quality services.
Customer excellence
We are focused on creating valuable solutions through
our strategic partnerships with customers.
People excellence
Our people are vital to our success, so we want to
support them to be the best they can be. We aim to
be an employer of choice in our markets.
Digitalisation
We are maximising synergies by connecting our
businesses’ digital capabilities.
Sustainability
We meet local and international regulations, support the
energy transition and are well positioned for a carbon-
neutral future.
Our strategic approach
Our 'Simply the Best' strategy elevates business performance and unlocks company-wide synergies. We aspire to be:
Strategy in action
Customer excellence
through digitalisation
We harness the power of
technology, sharing our
knowledge across one
platform. This enables
us to deliver data-driven,
fast, efficient and
accurate solutions.
Safe working
environments for
our people
Our people, no matter their
role, understand that safety
for each other and our planet
is a shared responsibility.
Communicating
shareholder value
Our Capital Markets Day in
June was designed to help
external stakeholders
understand our business
and its true value.
Each of our divisions has its own tailored strategy while our ‘connector’ strategies work across all our divisions to drive
efficiencies and share knowledge:
1. The best solution for customers 2. The best employer
3. The best investment choice for shareholders
9Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
66%
of total
operating
profit¹
Business Review
Who we are
Stolt Tankers (ST) is a leading operator of deep-sea and
regional chemical tankers, with 162 ships transporting more
than 26 million tonnes of cargo annually across Europe, the
Middle East, Asia Pacific, the Caribbean, the US and Latin
America. We provide safe, reliable, high-quality and flexible
transportation services to the world’s leading manufacturers
and consumers of chemicals, edible oils, acids and other
bulk liquids, offering supply chain efficiencies and added
value for our customers. Our service offering focuses on
agility, global reach and strong supply chain partnerships.
Strategy
Stolt Tankers’ strategy is focused on safely and sustainably
managing the world’s most efficient specialised bulk liquid
shipping platform. Through our best-in-class platform, our
ambition is to achieve a sustainable return on capital
employed (ROCE) through the cycle.
2024 in review
This was a year of transition for ST. I was appointed
President and Chief Operating Officer, and Bjarke Nissen
became Chief Commercial Officer following the departure
of former President Lucas Vos. Our strategy, to be both
efficient and sustainable for customers, while maintaining
our market leadership in chemical tankers, is unchanged,
and supports the Stolt-Nielsen (SNL) strategy to be ‘Simply
the Best’ for our customers, people and shareholders.
Creating shareholder value
Financial performance hit a record high this year, with a tight
supply/demand balance. This was further amplified by the
war in Ukraine and subsequent restrictions on Russian
products, and the ongoing transit difficulties around the Red
Sea and Panama Canal which increased voyage lengths for
some trades. This positively impacted our pricing, margins
and earnings.
Operating profit was $390.1 million, compared to
$371.1 million in 2023. We carefully managed operating
expenses as part of our ongoing commercial optimisation
and cost reduction initiatives. Our full-year average time
charter earnings (TCE) per operating day was $31,574
(2023: $29,621). We also delivered a record high EBITDA
of $546.3 million (2023: $527.1 million).
Our asset platform has had an active year. We successfully
secured on-the-water and newbuilding replacement tonnage
to maintain our market-leading position in our deep-sea and
regional businesses. Aligned to our partner-oriented growth
strategy, we expanded the SNAPS Asia Pacific regional
chemical tanker pool with new partner Shokuyu Navigation.
We believe a balanced asset replacement strategy, focused
on owned, time chartered and pooled ships, enhances our
overall profitability and is more capital-efficient. We also
made non-core asset sales, selling three ships to generate
cash proceeds of $59.5 million.
We continue to seek efficiencies as part of operational
excellence onboard our ships through our continuous
improvement programme, CI@Sea. Seafarers’ improvement
ideas are assessed and developed, with the most successful
rolled out fleet-wide. In 2024, we implemented 14 of these
ideas across the fleet.
Customers
We are an essential supply chain partner for our customers,
building long-term partnerships and working together to
deliver the best service we can. Ongoing transit issues
around the Red Sea highlight the value of this collaborative
approach, keeping essential goods moving safely.
This year, we partnered with customers to develop our
value proposition, tailoring our approach for key accounts
and further developing these relationships. We also worked
more closely across SNL’s logistics businesses, sharing
knowledge and finding efficiencies as part of SNL’s
Percentage of group total
1. Excluding Stolt-Nielsen Gas, and Corporate and Other loss of $50.1 million.
62%
of total
operating
revenue
Performance
(US $ million) 2024 2023 2022
Operating revenue 1,803 1,710 1,497
Operating profit 390 371 205
Stolt Tankers
10Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
Business Review continued
liquid logistics strategy. Our shared scale and expertise gives
us a differentiated offer that benefits customers.
Digitalisation
Digital tools are key to enhancing collaboration across SNL
and with our customers. Investment in our digital platform
supports data-driven decision-making, optimises and
connects processes, and enhances customer experience.
Our customer portal offers innovative online solutions for the
real-time tracking of cargo and easy access to documents,
making trading smoother and more efficient, and improving
communications.
People
Safety for people and the environment is the foundation of
our operations. We have enhanced our approach to physical
safety and were pleased to see a reduction in our Lost Time
Injury Frequency (LTIF) this year. We continued to focus on
mental wellbeing, implementing several initiatives to support
our colleagues on board. More detail on our health and
safety progress can be found on pages 38 and 40.
Professional development opportunities are important for
retaining talent and enabling our people to reach their full
potential. During the year, 120 of our people attended
innovation training and nearly 50% of onshore colleagues
accessed our online training platform. We also seek to
develop life-long careers beginning with our cadets training.
During 2024, we recruited 100 new cadets and we are proud
that almost 80% of our new officers onboard this year
originally joined us as cadets.
We are immensely proud of all our people and thank them
for their dedication.
Sustainability
We align our sustainability strategy to two of the UN
Sustainable Development Goals (UN SDGs): Climate Action
and Life Below Water.
“Our service offering focuses on
agility, global reach and strong
supply chain partnerships.”
We are exploring ways to reduce our carbon footprint and
achieve carbon neutrality by 2050. Our initiatives on carbon
abatement and emissions reduction include the deployment
of innovative energy-efficient technologies, sustainable fuels,
and voyage optimisation. Our Annual Efficiency Ratio (AER)
has improved to 10.26, a 4.4% improvement on 2023 (see
page 45 for further details on our AER). The newbuildings
we invested in during the year will also further improve our
fuel efficiency.
To reduce our impact on life below water, we minimise
underwater noise to protect cetaceans, modifying routes or
slowing ships if necessary. We seek to minimise damaging
discharge into the oceans, and we continue to reduce
reliance on single-use plastics.
We were pleased to see our sustainability achievements
recognised with a Gold EcoVadis rating. Further details can
be found on pages 44-46.
Outlook
We expect geopolitical factors to remain a key driver for supply
and demand dynamics in the chemical tanker market. Supply
is expected to continue to be constrained in the coming years
due to manageable fleet growth. On the demand side of the
equation, incremental chemical demand and trade growth is
expected to be stable and to track global GDP.
Stolt Tankers has been successful in defending its market
leading position and replacing ageing tonnage with a mix of
time charter, pooled and owned tonnage. Looking forward,
we believe our best-in-class platform and commercial
performance put us in an excellent position to expand
strategic partnerships with our tonnage providers, shipyards,
customers and stakeholders.
Maren Schroeder
President
Stolt Tankers
11Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
Who we are
Stolthaven Terminals is a leading provider of storage and
handling solutions for speciality bulk liquids, such as
chemicals, clean petroleum products, liquefied petroleum
gases, biofuels, vegetable oils, alternative fuels and feedstocks.
We have more than 50 years of experience and five million
cubic metres of storage capacity across 14 terminals
including joint ventures. These are in key global locations,
giving customers access to critical international shipping
and transportation hubs close to their operations.
Strategy
Stolthaven Terminals’ strategy is founded on our mission ‘to
be the most respected global storage provider’, and is closely
aligned with the Stolt-Nielsen strategy to be ‘Simply the Best’
for our shareholders, customers and people.
To achieve these aims, we are focused on optimising our
portfolio and operations, growing our core business,
developing new business opportunities, embedding our
customer-centric approach and caring for our people and the
environment, with safety at the heart of everything we do.
2024 in review
This was a year of optimisation, as we continued to invest
in upgrading existing infrastructure, expanding our capacity
and building new assets to deliver ever-better global supply
chain and storage solutions to customers and improved
returns to shareholders.
As part of our business improvements, we continued
to optimise our customer portfolio which impacted our
utilisation in the short term. Operating profit increased to
$110.4 million in 2024 compared to $105.0 million in 2023,
due to rate increases at above-inflation levels, with further
margin gains expected in 2025. Operating revenue increased
2.7% to $308.0 million, compared to $299.8 million in 2023.
These results are testament to the strength and resilience
of our business in the face of geopolitical, macroeconomic
and environmental challenges, such as the war in Ukraine,
hostilities affecting ships transiting the Red Sea and
drought-related restrictions in the Panama Canal.
Creating shareholder value
This year, we added 16,200m
3
of capacity at Mount
Manganui in New Zealand and a further 68,200m
3
at
our joint venture facility in Westport, Malaysia.
We also started expansion projects at our Houston and New
Orleans terminals in the US and continued construction of
our new joint venture terminal in Taiwan, which we expect
to be fully operational in 2025. The terminal is perfectly
positioned to meet growing customer demand for high-
quality bulk liquid storage in the Asia Pacific region, and
to introduce more international trade to Taiwan.
In April, we officially opened a new state-of-the-art jetty at
our Dagenham, UK terminal: a multi-million-dollar investment
that will help improve discharge rates and turnaround times
for vessels, enhance safety and reduce environmental
impact, and deliver a superior service to customers.
Customers
This year, Stolthaven Terminals focused on becoming more
agile by modernising processes and strengthening our
customer-centric approach.
We worked closely with customers to ensure their supply
chains remained efficient during times of uncertainty, and
we encouraged innovative thinking to drive operational
efficiency and improve customer service. This included
launching a new global customer portal at several terminals,
giving customers the ability to securely view and manage
their orders and inventory more effectively.
Percentage of group total
1. Excluding Stolt-Nielsen Gas, and Corporate and Other loss of $50.1 million.
11%
of total
operating
revenue
Stolthaven Terminals
19%
of total
operating
profit¹
Performance
(US $ million) 2024 2023 2022
Operating revenue 308 300 276
Operating profit 110 105 89
Business Review continued
12Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
People
Our people drive our performance and create our success,
and I would like to thank them for their continued dedication.
Our safety performance continued in a positive direction
in 2024. Our Lost Time Injury Frequency (LTIF) fell to 0.09
(0.48 in 2023). We also saw a significant fall in our Total
Recordable Case Frequency (TRCF) at 0.44, down from
0.82 last year. Read more on pages 38 and 41.
This year, many of our terminals were recognised with
awards for exceptional safety. In Moerdijk, the Netherlands,
and in Singapore (for the fourth year in a row) we won Dow
4STAR awards for safety, sustainability and social
responsibility. Santos, Brazil received an award from
Covestro for health and safety excellence, and our Jeong-IL
Stolthaven Ulsan (JSTT) joint venture terminal in South
Korea won the 2024 Best Tank Terminal award from the
Ulsan Port Authority.
Digitalisation
Across our global network, we continued to implement our
intelligent assets strategy to support enhanced real-time
data exchange and visibility.
Our next-generation Connected Worker project, including
the introduction of a paperless workflow in the field, was
successfully adopted at two terminals and will be rolled out
further during 2025. And, as part of our modernisation efforts,
we used drones for tank inspections at multiple terminals.
Sustainability
We continued to make progress on our sustainability
ambitions, and explored wider initiatives related to the
transition to greener energy alternatives.
These efforts were recognised with an EcoVadis Gold rating
for our wholly owned terminals, placing us among the top 1%
of companies within the warehousing and storage industry.
“Operating profit increased to
$110.4m due to strong rate
increases at above-inflation levels,
with further margin gains expected
in 2025.”
Business Review continued
Together with our partner Global Energy Storage (GES), we
were selected as the exclusive operator of a potential new
green ammonia export terminal in Pecém, Brazil, subject to
final Board approval.
See pages 44 and 47-48 for more on our 2024 environmental
initiatives.
Outlook
In the coming year we will focus on business improvement
initiatives to service the future demands of our customers and
optimise returns for shareholders.
Projects include: adding capacity at Houston and New
Orleans in the US, New Zealand, South Korea and the UK;
completing our new terminal in Taiwan; and developing
a new propylene terminal in Ceyhan, Turkey. We will also
continue to test and introduce new technology.
The shift to cleaner energy alternatives, a circular economy
and decarbonisation will also remain a major focus. We are
committed to supporting our customers on this journey as
well as achieving our own sustainability ambitions.
By working with stakeholders and our sister companies,
Stolt Tankers and Stolt Tank Containers, we will support
additional supply chain integration and optimisation, and
provide solutions that deliver further efficiencies to our
business and for our customers.
We will continue to pursue margin optimisation in the coming
year, mainly from increases in storage rates. We expect the
normalisation of utilisation at Stolthaven Terminals, towards
the levels seen in the prior year, to continue over the course
of 2025.
Guy Bessant
President
Stolthaven Terminals
13Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report
Who we are
Stolt Tank Containers (STC) is a leading provider of bespoke
logistics and transportation services for door-to-door
shipments of bulk liquids. In addition to the safe handling
and shipment of products, our 21 full-service depots and
refurbishing facilities ensure our fleet and cargo handling
operations consistently meet the highest standards for
quality, reliability and environmental protection.
Strategy
With more than 51,000 tank containers, STC operates the
world’s largest fleet of ISO tanks, and ships to more than
100 countries. Customers benefit from our global reach
and market-leading scale, enabling increasing efficiency
and reliability across their supply chains. This, coupled
with decades of expertise and knowledge of our customers’
operations, enables us to deliver reliable, flexible logistics
solutions for customers.
We also contribute to a sustainable future by reducing our
environmental footprint, investing in sustainable solutions
at our depots and helping our customers embrace more
sustainable modes of transport.
2024 in review
During 2024, our people focused on strategy execution,
enhancing our platform, improving customer excellence
and leveraging our scale for growth. I thank them for their
commitment to keeping customers’ products moving and
improving our service during another challenging year. We
increased our volumes 9% in a market that grew only 3%,
demonstrating our customers’ trust in us to safely deliver
their products. We also focused on safety, resulting in a
significant improvement in our safety performance.
Creating shareholder value
STC’s full-year operating profit was $59.0 million, compared
with a $37.8 million loss in 2023. The loss in 2023 included
a provision of $155.0 million related to the MSC Flaminia
(excluding the impact of the provision, operating profit for
2023 was $117.2 million).
Although we saw a record number of shipments (155,000
versus 142,500 in 2023), this was offset by lower margins
and demurrage, driven by weaker market conditions as rates
returned to pre-Covid levels and customers closely managed
their inventories. During the second half of the year, space
constraints on container ships from Asia positively impacted
margins. Transportation revenue remained relatively flat as
the impact of volume growth was offset by lower rates,
having decreased 7.7% from the prior year. Lower ocean
freight and trucking costs also had a positive effect on
results. As we grew our business, we were able to reduce
our cost per tank shipped by 1.1%.
Customers
We continued to develop relationships with customers,
enhancing our digital capabilities to offer streamlined,
efficient solutions that integrate seamlessly with their
operations. Most of our customers book digitally, so to
make working with us more integrated and even easier we
added new digital and AI-enabled features such as predictive
track and trace, online documentation and improved
digital integrations.
As we enhance our digital offering, it is essential that we
remain close to our customers, offering them tailored
logistics solutions. Therefore, we have expanded our global
reach to 39 offices so we can continue to offer high levels
of personal service.
Percentage of group total
1. Excludes MSC Flaminia legal provision of $155.0 million.
2. Excluding Stolt-Nielsen Gas, and Corporate and Other loss of $50.1 million.
Stolt Tank Containers
23%
of total
operating
revenue
10%
of total
operating
profit
2
Performance
(US $ million) 2024 2023 2022
Operating revenue 652 700 895
Operating profit 59 117
1
173
Business Review continued
14Stolt-Nielsen Limited | Annual Report 2024
Financial Statements Other InformationDirectors’ Report