Quarterly Report • Jul 3, 2025
Quarterly Report
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c/o Stolt-Nielsen M.S. Ltd Tel: +44 20 7611 8960 Aldwych House, 71-91 Aldwych Fax: +44 20 7611 8965 London WC2B 4HN www.stolt-nielsen.com U.K.
LONDON, July 3, 2025 – 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:
"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 laserfocused 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
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
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."
With ongoing, and heightened, geopolitical uncertainty, we expect volatility to continue in the near term. However, notwithstanding some short-term deferral of supply chain decision-making impacting volumes, we believe that the supply and demand fundamentals for our markets remain supportive. The diversified nature of our portfolio offers resilience to market fluctuations, while our clearly defined strategy positions us well despite a challenging operating environment.
Tanker markets will continue to be affected by geopolitical risk. Recent escalation in tensions in conflict zones has further raised this risk. The trajectory of these tensions and range of outcomes from such risks are unknown but may be felt across the sector, for example tonne-miles may remain higher for longer than previously expected. The second half of 2025 is expected to be softer than the first half. Market fundamentals remain unchanged, although a firming in rates in adjacent markets could lend some support to chemical tanker markets in the latter part of 2025.
Storage markets are expected to remain stable. At Stolthaven Terminals, we expect utilisation at our terminals to gradually improve throughout 2025 and costs to remain well controlled.
Volatility in the tank container market remains elevated. This may impact space requirements and rates. However, strengthening demand in the key geographies for Stolt Tank Containers may provide some support for both spot rates and shipment volumes.
Pricing remains firm at Stolt Sea Farm for both turbot and sole. With the recovery in biomass, we are well positioned for the typically seasonally strong summer period.
Our outlook has been formed on the basis of information available at the time of writing. As markets evolve, and clarity emerges on key issues that impact our sector, sentiment could quickly change.
4 2018-2022 average TCE revenue was \$19,825
To provide additional insight and enhance understanding of shareholder value, the Company has elected to publish earnings guidance for the remainder of the year ahead, reflecting the combined potential earnings of our liquid logistics solutions, our land-based aquaculture business and other investments. This aligns our approach to providing earnings guidance with our business model and strategy.
Overall, for the fiscal year ending November 30, 2025, consolidated EBITDA before fair value adjustments is expected to be in the range of \$740-810 million. This range has been developed on the basis of information available at the time of writing, assumes no substantial geopolitical changes5 , and is subject to a number of uncertainties in a highly volatile operating environment. Further detail on the outlook for 2025 and the underlying market and operating assumptions will be shared in the second quarter 2025 earnings presentation.
As announced on April 3, 2025, the Company re-initiated the 2016 share buy-back programme (the Programme), which is now complete. Under the Programme, the Company purchased a total of 403,000 shares at an average price of \$22.17 per share. Following completion of the Programme, the Company owns a total of 5,403,000 of its own common shares, which are held as Treasury Shares, corresponding to 9.23% of the Company's share capital.
On April 17, 2025, the Company held its Annual General Meeting of Shareholders, where all agenda items were approved, including a final dividend for 2024 of \$1.25 per Common Share. The final dividend was paid on May 7, 2025, to shareholders of record as of April 24, 2025, bringing the full dividend for the 2024 financial year to \$2.50 per Common Share.
| Reporting Item (in USD millions, | Quarter | Six Months | ||||
|---|---|---|---|---|---|---|
| except per share data and number of shares) | ||||||
| 2Q25 | 1Q25 | 2Q24 | 2025 | 2024 | ||
| Revenue | 712.9 | 675.6 | 741.1 | 1,388.5 | 1,448.5 | |
| Operating profit | 113.7 | 107.9 | 136.8 | 221.5 | 268.9 | |
| Non-operating inc. on step-up acquisition of |
||||||
| HS4 and Avenir | — | 75.2 | — | 75.2 | — | |
| Net profit | 75.2 | 151.4 | 100.2 | 226.6 | 204.1 | |
| EBITDA | 210.1 | 187.8 | 207.9 | 397.9 | 415.1 | |
| EPS attributable to SNL shareholders – | ||||||
| diluted | 1.41 | 2.83 | 1.87 | 4.24 | 3.81 | |
| Weighted average number of shares – diluted |
||||||
| (in millions) | 53.4 | 53.5 | 53.5 | 53.4 | 53.5 |
Debt, net of cash and cash equivalents, was \$2,446.0 million as of May 31, 2025, compared with \$2,327.2 million as of February 28, 2025. The increase in net debt was predominantly driven by ongoing investment activities and the payment of dividends in May 2025. Shareholders' equity attributable to SNL as of May 31, 2025, was \$2,348.1 million, compared with \$2,263.7 million as of February 28, 2025.
5 Including (i) that the Strait of Hormuz remains open to seaborne trade; (ii) that the Red Sea does not re-open to seaborne trade; and (iii) there is no material change in the Russia - Ukraine conflict
Net interest expense in the second quarter was \$36.7 million compared with a second-quarter 2024 interest expense of \$27.4 million, due to the consolidation of HS4 and Avenir debt. As of May 31, 2025, the Company had \$130.0 million of cash and cash equivalents and \$315.0 million of available and undrawn committed revolving credit lines. In comparison, on February 28, 2025, the Company had \$156.3 million of cash and cash equivalents and \$298.2 million of available and undrawn committed revolving credit lines.
| Operating Profit (Loss) by Division (in USD millions) |
Quarter | Six Months | |||||
|---|---|---|---|---|---|---|---|
| 2Q25 | 1Q25 | 2Q24 | 2025 | 2024 | |||
| Stolt Tankers | 70.5 | 66.6 | 106.5 | 137.1 | 199.6 | ||
| Stolthaven Terminals | 28.9 | 28.5 | 28.2 | 57.4 | 56.7 | ||
| Stolt Tank Containers | 12.2 | 15.2 | 12.5 | 27.3 | 25.8 | ||
| Stolt Sea Farm | 6.6 | 7.4 | 8.2 | 14.0 | 15.0 | ||
| SSF fair value adjustment of inventory | (0.1) | 4.2 | 0.9 | 4.1 | 4.1 | ||
| Stolt-Nielsen Gas | 0.3 | (3.5) | (5.2) | (3.2) | (7.2) | ||
| Corporate & Other | (4.7) | (10.5) | (14.3) | (15.2) | (25.1) | ||
| Total | 113.7 | 107.9 | 136.8 | 221.5 | 268.9 |
Stolt Tankers reported second-quarter revenue of \$420.1 million, down from \$465.3 million in the second quarter of 2024. Deep-sea revenue decreased by \$41.8 million, or 11.6%, driven in part by a reduction in spot freight rates, while demurrage revenue, bunker surcharge revenue and other revenue were also down. Deep-sea volume was in line with the same quarter last year, while operating days increased by 4.1%, resulting in a 3.0% decrease in utilisation. The prior year included \$4.0 million additional revenues from re-routing around the Panama Canal, which was not repeated in the second quarter of 2025. Deep-sea bunker surcharge revenue declined \$3.4 million, reflecting lower bunker fuel prices as the average price of bunkers consumed was down from \$607 to \$526 per tonne. The average deep-sea TCE revenue for the quarter was \$26,220 per operating day, down from \$32,862 in the same quarter last year, mainly driven by lower spot freight rates. Regional fleet revenue decreased \$3.4 million compared to the second quarter in the prior year.
Stolt Tankers reported a second-quarter operating profit of \$70.5 million down from \$106.5 million during the second quarter of 2024. The reduction in revenue was partially offset by lower time-charter expense to pool partners due to the lower revenue and the acquisition of HS4 in January 2025. Owning expenses were up \$4.3 million, driven by salary inflation. Joint venture equity income was down \$12.1 million due to the share purchase of the remaining 50% of the HS4 joint venture, which also contributed to an increase in depreciation of \$7.8 million, combined with the impact of IFRS-16 lease accounting on time-chartered ships. There was no material year on year change in the contribution to operating profit from the SNAPS pool.
Stolthaven Terminals reported second-quarter revenue of \$79.1 million, up from \$76.4 million in the second quarter of 2024, driven by an escalation in storage rates and new business at certain locations. Average utilisation at wholly owned terminals in the second quarter was 92.1%, compared to 90.0% in the second quarter of 2024, and continuing the upwards trend.
Stolthaven Terminals reported a second-quarter operating profit of \$28.9 million, up from \$28.2 million in the second quarter of 2024, hitting a new record level. Equity income from joint ventures also increased by \$0.7 million, due to improved performance at the joint venture terminals in Ulsan, South Korea, and Antwerp, Belgium.
Stolt Tank Containers (STC) reported second-quarter revenue of \$164.7 million, a decrease of 1.4% from \$167.1 million in the second quarter of 2024. Higher transportation margins and demurrage and ancillary revenue were offset by 4.5% lower shipment volumes compared to the same quarter last year.
STC reported a second-quarter operating profit of \$12.2 million, a 2.8% reduction from \$12.5 million in the second quarter of 2024. Lower transportation costs were offset by higher repositioning costs, higher maintenance and repair cost and higher administrative and general expense.
Stolt Sea Farm (SSF) reported second-quarter revenue of \$29.7 million, down from \$31.6 million in the same quarter of 2024. Sales prices for both turbot and sole continue to be strong, increasing 5.7% and 7.2% respectively year-on-year. Sales volume of both turbot and sole decreased during the quarter as the focus was on the recovery of biomass following strong sales volume during the first quarter.
SSF reported a second-quarter operating profit of \$6.6 million before fair value adjustment of biomass, down from \$8.2 million in the second quarter of 2024, predominantly due to higher operating expenses excluding the fair value adjustment and higher administrative and general expense. The fair value adjustment of biomass resulted in a loss of \$1.1 million compared with the second quarter of 2024.
Stolt-Nielsen Gas (SNG) comprises the Company's investments within liquid natural gas (LNG), including in Avenir, Higas Holdings Limited (Higas) and Golar LNG Limited (Golar). As of February 6, 2025, Avenir has been consolidated into SNG. Higas was separated out of Avenir in November 2024 and consequently the results from our 50% share in Higas are recorded as equity income. As a result, SNG recorded \$19.3 million of operating revenue in the second quarter of 2025, arising from Avenir. The revenue is an increase of \$0.7 million or 3.7%, on Avenir's pre-acquisition revenue for the same period in 2024. This improvement was due to stronger results in LNG bunkering market for Avenir, with a focus on sales of bio LNG in the first half of 2025.
SNG's operating profit was \$0.3 million in the second quarter of 2025, compared to a \$5.2 million loss in the prior year. Avenir reported an operating profit of \$1.5 million for the quarter, which includes \$2.0 million of additional depreciation from the asset step-up related to the purchase.
Stolt-Nielsen also holds investments, for a total of \$220.0 million at May 31, 2025, in Odfjell SE, Golar LNG Limited, Ganesh Benzoplast Limited and the Kingfish Company N.V.
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 2025 on Thursday, July 3, 2025 at 15:00 CEST (09:00 EDT, 14:00 BST).
The virtual presentation will be hosted by:
To join the event online, please click here. The link will also be available on our website. It may be necessary to download the Teams app to join by mobile phone, although attendees should not need to log in or create an account. The presentation slides will be published on the Investor section of our website on the day of the presentation.
For additional information please contact:
Jens F. Grüner-Hegge Chief Financial Officer UK +44 (0) 20 7611 8985 [email protected]
Alex Ng Vice President Strategy & Business Development UK +44 (0) 20 7611 8913 [email protected]
Stolt-Nielsen (SNL or the 'Company') is a long-term investor and manager of businesses focused on opportunities in logistics, distribution and aquaculture. The Stolt-Nielsen portfolio consists of its three global bulk-liquid and chemicals logistics businesses – Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers – Stolt Sea Farm and various investments. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange (Oslo Børs: SNI).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This press release contains "forward-looking statements" based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forwardlooking statement. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," "indicates" and similar expressions. The forward-looking statements reflect the Company's current views and assumptions and are subject to risks and uncertainties. The Company does not represent or warrant that the Company's actual future results, performance or achievements will be as discussed in those statements, and assumes no obligation to, and does not intend to, update any of those forward-looking statements other than as may be required by applicable law.
| Three Months Ended | Year to Date | ||||||
|---|---|---|---|---|---|---|---|
| May 31 2025 |
Feb 28 2025 |
May 31 2024 |
May 31 2025 |
May 31 2024 |
|||
| Revenue Operating expenses |
\$ 712,918 452,514 260,404 |
\$ | 675,600 428,889 246,711 |
741,148 \$ 473,815 267,333 |
\$ 1,388,518 881,403 507,115 |
\$ | 1,448,462 926,766 521,696 |
| Depreciation and amortisation | 86,975 | 78,746 | 74,019 | 165,721 | 146,484 | ||
| Gross profit Share of profit of joint ventures and associates Administrative and general expenses Gain on disposal of assets, net Other operating income Other operating expenses |
173,429 11,462 (71,860) 459 372 (196) |
167,965 11,043 (71,509) 74 502 (202) |
193,314 19,392 (78,049) 2,041 423 (335) |
341,394 22,505 (143,369) 533 874 (398) |
375,212 36,901 (146,101) 2,395 1,038 (536) |
||
| Operating Profit | 113,666 | 107,873 | 136,786 | 221,539 | 268,909 | ||
| Non operating income (expense) Finance income Finance expense - finance leases Finance expense - debt Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S. (a) Foreign currency exchange gain (loss), net Other non-operating income, net |
1,533 (4,531) (33,707) - 8,713 1,045 |
2,216 (4,761) (26,813) 75,190 (2,734) 8,187 |
2,824 (3,040) (27,172) - (632) 725 |
3,749 (9,292) (60,520) 75,190 5,979 9,232 |
8,508 (6,015) (55,323) - (491) 6,657 |
||
| Profit before income tax | 86,719 | 159,158 | 109,491 | 245,877 | 222,245 | ||
| Income tax expense | (11,485) | (7,755) | (9,314) | (19,240) | (18,099) | ||
| Net Profit | \$ 75,234 |
\$ | 151,403 | 100,177 \$ | \$ 226,637 |
\$ | 204,146 |
| PER SHARE DATA Net profit attributable to SNL shareholders Basic |
\$ 1.41 |
\$ | 2.83 | 1.87 \$ | \$ 4.24 |
\$ | 3.81 |
| Diluted | \$ 1.41 |
\$ | 2.83 | 1.87 \$ | \$ 4.24 |
\$ | 3.81 |
| Weighted average number of common shares and common share equivalents outstanding: Basic Diluted |
53,365 53,365 |
53,524 53,524 |
53,524 53,524 |
53,444 53,444 |
53,524 53,524 |
||
| SELECTED CASH FLOW DATA Capital expenditures (excluding capitalised interest) Purchase price of acqusitions (net of cash acquired) Equity contributions and advances to joint ventures and associates, net of repayments |
\$ 48,147 - 28,642 |
\$ | 65,477 158,233 321 |
39,577 \$ - 65,433 |
\$ 113,624 158,233 28,963 |
\$ | 117,095 - 69,013 |
| Total selected cash flow data | \$ 76,789 |
\$ | 224,031 | 105,010 \$ | \$ 142,587 |
\$ | 186,108 |
| EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) AND ONE-TIME ITEMS | |||||||
| Profit before income tax | \$ 86,719 |
\$ | 159,158 | \$ 109,491 | \$ 245,877 |
\$ | 222,245 |
| Adjusted for: Depreciation and amortisation Finance income Finance expense - finance leases Finance expense - debt Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S. Gain on disposal of assets, net EBITDA |
\$ 86,975 (1,533) 4,531 33,707 - (459) 209,940 |
\$ | 78,746 (2,216) 4,761 26,813 (75,190) (74) 191,998 |
74,019 (2,824) 3,040 27,172 - (2,041) 208,857 \$ |
\$ 165,721 (3,749) 9,292 60,520 (75,190) (533) 401,938 |
\$ | 146,484 (8,508) 6,015 55,323 - (2,395) 419,164 |
| Fair value adjustment made to biological assets (included in operating expenses) EBITDA before fair value of biological assets and other one-time items |
\$ 130 210,070 |
\$ | (4,200) 187,798 |
(949) 207,908 \$ |
\$ (4,070) 397,868 |
\$ | (4,054) 415,110 |
(a) Represents the gains from the step-up of SNL's investments in Hassel Shipping 4 of \$42.5 million and Avenir LNG of \$32.7 million when additional shares of these companies were purchased and SNL changed from the equity method to the consolidation method of accounting,
| As of | |||
|---|---|---|---|
| May 31 2025 |
Nov 30 2024 |
||
| ASSETS | |||
| Cash and cash equivalents | \$ 130,007 |
\$ | 334,738 |
| Receivables | 406,952 | 376,732 | |
| Inventories | 8,165 | 7,295 | |
| Biological assets | 62,390 | 52,545 | |
| Prepaid expenses | 98,396 | 95,222 | |
| Derivative financial instruments | 8,590 | 7,014 | |
| Income tax receivable | 9,669 | 4,647 | |
| Other current assets | 35,459 | 34,885 | |
| Total current assets | 759,628 | 913,078 | |
| Property, plant and equipment | 3,431,996 | 2,775,044 | |
| Right-of-use assets | 331,956 | 331,492 | |
| Deposit for newbuildings | 79,100 | 41,328 | |
| Investment in and advances to joint ventures and associates | 632,245 | 719,563 | |
| Investments in equity instruments (a) | 220,012 | 205,274 | |
| Deferred tax assets | 15,544 | 18,488 | |
| Goodwill and other intangible assets | 57,002 | 42,455 | |
| Employee benefit assets | 23,687 | 24,082 | |
| Derivative financial instruments | 5,520 | 2,337 | |
| Insurance reimbursement receivables | 12,548 | 12,848 | |
| Other non-current assets | 23,531 | 16,613 | |
| Total non-current assets Total assets |
\$ 4,833,141 5,592,769 |
\$ | 4,189,524 5,102,602 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Short-term bank loans | \$ 40,000 |
\$ | - |
| Current maturities of long-term debt | 217,476 | 195,645 | |
| Current lease liabilities | 64,152 | 58,581 | |
| Accounts payable | 126,813 | 96,325 | |
| Accrued voyage expenses and unearned revenue | 87,307 | 70,862 | |
| Accrued expenses | 239,628 | 282,158 | |
| Provisions | 222 | 521 | |
| Income tax payable | 9,576 | 24,505 | |
| Dividend payable | - | 66,972 | |
| Derivative financial instruments | 2,528 | 7,342 | |
| Other current liabilities | 50,602 | 56,031 | |
| Total current liabilities | 838,304 | 858,942 | |
| Long-term debt | 1,971,378 | 1,647,127 | |
| Long-term lease liabilities | 282,983 | 285,430 | |
| Deferred tax liabilities | 109,133 | 109,629 | |
| Employee benefit obligations | 19,611 | 20,197 | |
| Derivative financial instruments | 7,400 | 12,671 | |
| Long-term provisions | 14,790 | 15,049 | |
| Other non-current liabilities | 1,083 | 1,223 | |
| Total non-current liabilities | 2,406,378 | 2,091,326 | |
| Total liabilities | 3,244,682 | 2,950,268 | |
| Common stock and Founder's shares | 58,538 | 58,538 | |
| Paid-in surplus | 195,466 | 195,466 | |
| Retained earnings | 2,374,323 | 2,216,245 | |
| Other components of equity | (160,256) | (206,864) | |
| 2,468,071 | 2,263,385 | ||
| Treasury stock | (119,984) | (111,051) | |
| Total shareholders' equity | 2,348,087 | 2,152,334 | |
| Total liabilities and shareholders' equity | \$ 5,592,769 |
\$ | 5,102,602 |
| Debt, net of cash and cash equivalents (b) | \$ 2,445,982 |
\$ | 1,852,045 |
(a) Investments in equity and debt instruments include shares of Golar LNG Limited acquired for \$106.4 million, Ganesh Benzoplast Limited for \$5.1 million, Odfjell SE for \$55.4 million and The Kingfish Company N.V. equity for \$11.1 million and convertible debt for \$2.7 million.
(b) Computed as current maturities of long-term debt and lease liabilities and long-term debt and lease liabilities less cash and cash equivalents.
The following tables present the contribution to revenue, gross profit, operating profit and EBITDA for each of SNL's reportable segments and other corporate items.
| Three Months Ended | Year to Date | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| May 31 | Feb 28 | May 31 | May 31 | May 31 | |||||
| 2025 | 2025 | 2024 | 2025 | 2024 | |||||
| REVENUE: | |||||||||
| Stolt Tankers | |||||||||
| Deepsea | \$ | 318,216 | \$ | 314,119 | 360,036 \$ | 632,335 \$ | 704,941 \$ | ||
| Regional Fleet Stolt Tankers - Total |
101,868 420,084 |
94,539 408,658 |
105,289 465,325 |
196,407 828,742 |
204,135 909,076 |
||||
| Stolthaven Terminals | 79,128 | 76,416 | 76,403 | 155,544 | 153,217 | ||||
| Stolt Tank Containers | 164,712 | 152,869 | 167,076 | 317,581 | 323,208 | ||||
| Stolt Sea Farm Stolt-Nielsen Gas |
29,743 19,251 |
31,658 5,999 |
31,591 - |
61,401 25,250 |
62,208 - |
||||
| Corporate and Other | - | - | 753 | - | 753 | ||||
| Total | \$ | 712,918 | \$ | 675,600 | 741,148 \$ | 1,388,518 \$ | 1,448,462 \$ | ||
| OPERATING EXPENSES: | |||||||||
| Stolt Tankers | \$ | 277,285 | \$ | 279,902 | 309,756 \$ | 557,187 \$ | 608,951 \$ | ||
| Stolthaven Terminals Stolt Tank Containers |
27,786 118,397 |
26,550 104,323 |
26,671 121,245 |
54,336 222,720 |
53,781 231,740 |
||||
| Stolt Sea Farm (excluding Fair Value Adjustment) | 17,283 | 19,172 | 18,148 | 36,455 | 36,966 | ||||
| Stolt Sea Farm Fair Value Adjustment | 130 | (4,200) | (949) | (4,070) | (4,054) | ||||
| Stolt-Nielsen Gas | 11,050 | 3,448 | - | 14,498 | - | ||||
| Corporate and Other Total |
\$ | 583 452,514 |
\$ | (306) 428,889 |
(1,056) 473,815 \$ |
277 881,403 \$ |
(618) 926,766 \$ |
||
| DEPRECIATION AND AMORTISATION: | |||||||||
| Stolt Tankers | \$ | 47,916 | \$ | 44,136 | 40,073 \$ | 92,052 \$ | 79,459 \$ | ||
| Stolthaven Terminals | 16,342 | 15,488 | 16,027 | 31,830 | 31,660 | ||||
| Stolt Tank Containers | 14,642 | 13,999 | 14,279 | 28,641 | 28,192 | ||||
| Stolt Sea Farm Stolt-Nielsen Gas |
1,872 4,674 |
2,102 1,643 |
2,301 - |
3,974 6,317 |
4,404 - |
||||
| Corporate and Other | 1,529 | 1,378 | 1,339 | 2,907 | 2,769 | ||||
| Total | \$ | 86,975 | \$ | 78,746 | 74,019 \$ | 165,721 \$ | 146,484 \$ | ||
| GROSS PROFIT: Deepsea |
\$ | 77,617 | \$ | 74,795 | 95,396 \$ | 152,412 \$ | 181,944 \$ | ||
| Regional Fleet | 17,266 | 9,825 | 20,100 | 27,091 | 38,722 | ||||
| Stolt Tankers - Total | 94,883 | 84,620 | 115,496 | 179,503 | 220,666 | ||||
| Stolthaven Terminals | 35,000 | 34,378 | 33,705 | 69,378 | 67,776 | ||||
| Stolt Tank Containers Stolt Sea Farm (excluding Fair Value Adjustment) |
31,673 10,588 |
34,547 10,384 |
31,552 11,142 |
66,220 20,972 |
63,276 20,838 |
||||
| Stolt Sea Farm Fair Value Adjustment | (130) | 4,200 | 949 | 4,070 | 4,054 | ||||
| Stolt-Nielsen Gas | 3,527 | 908 | - | 4,435 | - | ||||
| Corporate and Other Total |
\$ | (2,112) 173,429 |
\$ | (1,072) 167,965 |
470 193,314 \$ |
(3,184) 341,394 \$ |
(1,398) 375,212 \$ |
||
| SHARE OF PROFIT OF JOINT VENTURES AND ASSOCIATES: | |||||||||
| Stolt Tankers | \$ | 4,161 | \$ | 7,579 | 16,307 \$ | 11,740 \$ | 28,722 \$ | ||
| Stolthaven Terminals | 8,111 | 7,315 | 7,363 | 15,426 | 14,090 | ||||
| Stolt Tank Containers Stolt-Nielsen Gas |
525 (1,335) |
182 (4,033) |
670 (4,948) |
707 (5,368) |
857 (6,768) |
||||
| Total | \$ | 11,462 | \$ | 11,043 | 19,392 \$ | 22,505 \$ | 36,901 \$ | ||
| ADMINISTRATIVE AND GENERAL EXPENSES: | |||||||||
| Stolt Tankers Stolthaven Terminals |
\$ | (28,527) (14,351) |
\$ | (25,535) (13,391) |
(27,273) \$ (13,022) |
(54,062) \$ (27,742) |
(51,841) \$ (25,425) |
||
| Stolt Tank Containers | (20,735) | (20,119) | (19,569) | (40,854) | (38,812) | ||||
| Stolt Sea Farm | (3,774) | (2,928) | (2,916) | (6,702) | (5,703) | ||||
| Stolt-Nielsen Gas | (1,839) | (741) | (215) | (2,580) | (420) | ||||
| Corporate and Other Total |
\$ | (2,634) (71,860) |
\$ | (8,795) (71,509) |
(15,054) (78,049) \$ |
(11,429) (143,369) \$ |
(23,900) (146,101) \$ |
||
| GAIN (LOSS) ON DISPOSAL OF ASSETS, NET: | |||||||||
| Stolt Tankers | \$ | 4 | \$ | - | 2,006 \$ | 4 \$ | 2,008 \$ | ||
| Stolthaven Terminals Stolt Tank Containers |
(46) 660 |
(7) 505 |
(45) 79 |
(53) 1,165 |
(109) 494 |
||||
| Corporate and Other | (159) | (424) | 1 | (583) | 2 | ||||
| Total | \$ | 459 | \$ | 74 | 2,041 \$ | 533 \$ | 2,395 \$ | ||
| OTHER OPERATING INCOME (EXPENSE), NET: | |||||||||
| Stolt Tankers Stolthaven Terminals |
\$ | - 191 |
\$ | (35) 164 |
(2) \$ 231 |
(35) \$ 355 |
(2) \$ 416 |
||
| Stolt Tank Containers | 35 | 44 | (223) | 79 | (23) | ||||
| Stolt Sea Farm | (180) | (73) | (29) | (253) | (62) | ||||
| Stolt-Nielsen Gas | (42) | 326 | - | 284 | - | ||||
| Corporate and Other Total |
\$ | 172 176 |
\$ | (126) 300 |
111 88 \$ |
46 476 \$ |
173 502 \$ |
||
| OPERATING PROFIT (LOSS): | |||||||||
| Stolt Tankers | \$ | 70,521 | \$ | 66,629 | 106,534 \$ | 137,150 \$ | 199,553 \$ | ||
| Stolthaven Terminals | 28,905 | 28,459 | 28,232 | 57,364 | 56,748 | ||||
| Stolt Tank Containers Stolt Sea Farm |
12,158 6,504 |
15,159 11,583 |
12,509 9,146 |
27,317 18,087 |
25,792 19,127 |
||||
| Stolt-Nielsen Gas | 311 | (3,540) | (5,163) | (3,229) | (7,188) | ||||
| Corporate and Other | (4,733) | (10,417) | (14,472) | (15,150) | (25,123) | ||||
| Total | \$ | 113,666 | \$ | 107,873 | 136,786 \$ | 221,539 \$ | 268,909 \$ | ||
| EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) (a) Stolt Tankers |
\$ | 121,866 | \$ | 109,806 | 145,380 \$ | 231,672 \$ | 277,791 \$ | ||
| Stolthaven Terminals | 46,036 | 43,747 | 44,320 | 89,783 | 88,451 | ||||
| Stolt Tank Containers | 27,189 | 28,164 | 25,891 | 55,353 | 52,835 | ||||
| Stolt Sea Farm | 8,446 | 13,646 | 11,521 | 22,092 | 23,700 | ||||
| Stolt-Nielsen Gas Corporate and Other |
5,445 958 |
(1,042) (2,323) |
(4,499) (13,756) |
4,403 (1,365) |
(5,820) (17,793) |
||||
| Total | \$ | 209,940 | \$ | 191,998 | 208,857 \$ | 401,938 \$ | 419,164 \$ | ||
(a) EBITDA excludes gain (loss) on disposal of assets and on step-up acquisition of Avenir and HS4, net
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |
|---|---|---|---|---|
| STOLT TANKERS | ||||
| Time charter equivalent revenue per operating day (a) | ||||
| 2023 | 29,066 | 30,880 | 28,429 | 30,144 |
| 2024 | 29,944 | 32,862 | 33,355 | 30,185 |
| 2025 | 27,620 | 26,220 | N/A | N/A |
| Volume of cargo carried - million of tons | ||||
| Deepsea fleet - Operated in the period (b) | ||||
| 2023 | 3.0 | 3.0 | 3.1 | 3.0 |
| 2024 | 2.7 | 2.6 | 2.5 | 2.7 |
| 2025 | 2.4 | 2.7 | N/A | N/A |
| Regional fleets - Operated in the period (c) | ||||
| 2023 | 1.5 | 1.6 | 1.9 | 1.6 |
| 2024 | 2.1 | 2.2 | 2.0 | 2.1 |
| 2025 | 2.2 | 2.2 | N/A | N/A |
| Operating days | ||||
| Deepsea fleet - Operated in the period (d) | ||||
| 2023 | 7,185 | 7,225 | 7,402 | 7,092 |
| 2024 | 6,984 | 6,972 | 6,911 | 7,129 |
| 2025 | 7,135 | 7,256 | N/A | N/A |
| Regional fleets - Operated in the period (c) | ||||
| 2023 | 5,650 | 5,838 | 6,084 | 6,372 |
| 2024 | 6,932 | 7,017 | 6,893 | 6,973 |
| 2025 | 6,725 | 6,841 | N/A | N/A |
| Average number of ships (e) | ||||
| Deepsea fleet - Operated | ||||
| 2023 | 83 | 83 | 83 | 76 |
| 2024 | 76 | 75 | 78 | 79 |
| 2025 | 79 | 79 | N/A | N/A |
| Regional fleets - Operated | ||||
| 2023 | 74 | 76 | 78 | 77 |
| 2024 | 76 | 77 | 74 | 75 |
| 2025 | 74 | 75 | N/A | N/A |
| STOLT TANK CONTAINERS | ||||
| Number of Shipments | ||||
| 2023 | 32,833 | 35,667 | 36,641 | 37,381 |
| 2024 2025 |
40,047 36,454 |
41,781 39,887 |
37,365 N/A |
35,528 N/A |
| Tank containers owned and leased at the end of the period 2023 |
46,957 | 47,702 | 48,547 | 50,928 |
| 2024 | 50,748 | 50,571 | 51,036 | 51,407 |
| 2025 | 51,011 | 51,732 | N/A | N/A |
| STOLTHAVEN TERMINALS | ||||
| Average marketable capacity in cubic metres | ||||
| 2023 | 1,723,682 | 1,723,546 | 1,723,811 | 1,723,839 |
| 2024 | 1,742,786 | 1,750,169 | 1,748,702 | 1,748,532 |
| 2025 | 1,748,726 | 1,751,173 | N/A | N/A |
| Tank capacity utilisation % | ||||
| 2023 | 97.3% | 97.0% | 96.8% | 95.5% |
| 2024 | 92.3% | 90.0% | 90.0% | 90.9% |
| 2025 | 91.9% | 92.1% | N/A | N/A |
(a) For the deep-sea fleet, revenue less voyage-related costs divided by operating days.
(b) Deepsea fleet statistics include time-chartered ships and STJS pool partner ships.
(c) Regional fleet statistics include ships operated (owned and time-chartered).
(d) Operating days for deepsea fleet include ships Time Chartered out.
(e) Effective in the fourth quarter of 2022, the calculation of average number of ships was restated to be the average of the ships owned and operated in the beginning and ending of the period.
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