Resilient performance in an uncertain geopolitical environment
Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the second quarter ending May 31, 2025. The Company reported a second-quarter net profit of $75.2 million with revenue of $712.9 million, compared with a net profit of $100.2 million with revenue of $741.1 million in the second quarter of 2024. The net profit for the first half of 2025 was $226.6 million with revenue of $1,388.5 million, including $75.2 million in one-off gains due to the step-up of equity investments in Avenir LNG Limited (Avenir) and Hassel Shipping 4 (HS4), compared with a net profit of $204.1 million with revenue of $1,448.5 million, in the first half of 2024.
Highlights for the second quarter of 2025, compared with the second quarter of 2024, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $210.1 million, up from $207.9 million.
- Earnings per share (EPS) was $1.41, down from $1.87.
- Stolt Tankers reported operating profit of $70.5 million, down from $106.5 million.
- The average time-charter equivalent (TCE) revenue2 was $26,220 per operating day, compared to $32,862.
- Stolthaven Terminals reported record operating profit of $28.9 million, up from $28.2 million.
- Stolt Tank Containers reported operating profit of $12.2 million, down from $12.5 million.
- Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $6.6 million, down from $8.2 million.
- Stolt-Nielsen Gas reported an operating profit of $0.3 million, compared to a loss of $5.2 million.
- Corporate and Other reported an operating loss of $4.7 million, compared to a loss of $14.5 million3.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:
“In a challenging environment, the Company has delivered a strong performance. This is a testament to our people, a global team who prioritise safety and the delivery of our value proposition to customers every day. Our purpose is to move today’s products for tomorrow’s possibilities and so we are laser-focused on quality, reliability and flexibility, which are critical to support our customers navigating supply chain complexities.
“Despite significant market volatility, driven by shifting macro-economic factors, the Company has achieved a strong quarterly performance, with EBITDA of $210 million, $2 million higher than the same period last year. This result demonstrates the resilience inherent in our diversified business model. Our portfolio encompasses our Liquid Logistics solutions across tankers, terminals and tank containers; land-based aquaculture; and other investments. Indeed around 50% of our asset base and 42% of our EBITDA this quarter derives from outside of Stolt Tankers, which spreads risk and builds in a buffer to volatile shipping markets. Stolt Tankers’ EBITDA fell 16.2% from the same quarter last year, but with improvements seen in other areas of our operations, overall EBITDA was flat, diluting the impact of the volatility.
“The operating environment for Stolt Tankers remains challenging. Geopolitical factors are fuelling uncertainty in tanker markets, while a lack of clarity on tariffs applicable to traded goods have also impacted trade flows. Average TCE for the second quarter of 2025 versus the first quarter of 2025 was down 5.1% to $26,220, a further decline from previous quarters, albeit this remains over 30% above the historical average4.
“Storage markets have been relatively insulated from the macro factors impacting shipping markets. Revenue and operating profit at Stolthaven Terminals increased compared to the same quarter in the prior year period, reflecting firming storage rates, while utilisation continued to improve.
“At Stolt Tank Containers, weaker volumes have been offset by improved spot rates on certain routes. We have maintained a focus on cost control while remaining agile to meet fluctuating customer needs.
“The second quarter was an opportunity for Stolt Sea Farm to rebuild biomass after the strong Christmas sales period, ahead of the peak summer season. With inventory levels remaining tight through the second quarter, sales prices were maintained at record-high levels.”
1. Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items
2. TCE revenue per operating day refers to deep-sea sailed-in revenue per day, which is calculated as voyage revenue less voyage related expenses and trading overhead expense, divided by total operating days during the period
3. Variance driven predominantly by lower accruals
4. 2018-2022 average TCE revenue was $19,825
