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Stolt-nielsen — Earnings Release 2026
Apr 9, 2026
9910_rns_2026-04-09_f2e50874-65c5-405c-b2bb-6ffacb18e871.pdf
Earnings Release
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Stolt-Nielsen Limited
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c/o Stolt-Nielsen M.S. Ltd
Aldwych House, 71-91 Aldwych
London WC2B 4HN
U.K.
Tel: +44 20 7611 8960
Fax: +44 20 7611 8965
www.stolt-nielsen.com
Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2026
Navigating elevated market disruption
LONDON, April 9, 2026 – Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the first quarter ending February 28, 2026. The Company reported a first-quarter net profit of $47.5 million with revenue of $716.8 million, compared with a net profit of $151.4 million with revenue of $675.6 million in the first quarter of 2025, which included $75.2 million in one-off gains related to the step-up of equity investments in Avenir LNG Limited (Avenir LNG) and Hassel Shipping 4 (HS4).
Highlights for the first quarter of 2026, compared with the first quarter of 2025, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA¹ of $180.8 million, down from $187.8 million.
- Earnings per share (EPS) was $0.89, down from $2.83.
- Stolt Tankers reported operating profit of $50.3 million, down from $66.6 million.
- The STJS average time-charter equivalent (TCE) revenue² was $23,627 per operating day, compared to $27,620.
- Stolthaven Terminals reported operating profit of $28.6 million, in line with the same quarter last year.
- Stolt Tank Containers reported operating loss of $5.2 million, including $5.1 million of Suttons integration costs, compared to an operating profit of $15.2 million.
- Corporate and Other, including Stolt Sea Farm (SSF) and Stolt-Nielsen Gas (SNG), reported an operating profit of $8.1 million compared to a loss of $2.4 million.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:
“In the first quarter of 2026, we delivered revenue of $716.8 million and EBITDA¹ of $180.8 million. Our non-tanker portfolio contributed a 44% share of EBITDA, demonstrating the benefit of our diversified business model. The recent conflict in the Middle East has had no impact on this quarter’s results and none of our ships are locked in the Strait of Hormuz.
“Stolt Tankers saw increased spot and contract volumes. However, due to ongoing weaker freight rates, TCE earnings dropped 15% to $23,627 per day. Stolthaven Terminals’ performance remained strong and steady with stable utilisation and rate increases offsetting inflationary cost increases, delivering their second highest quarterly operating profit ever. Stolt Tank Containers saw shipments increase 31%, however, operating profit fell year-on-year and was breakeven, due to a tough competitive environment, before Suttons integration costs of $5.1 million.
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.
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"We continue to strengthen our portfolio. Strategically, we are excited to have formed a joint venture with Nippon Yusen Kabushiki Kaisha (NYK Line) in Avenir LNG, which will result in a sale of 50% of the equity to NYK Line and the deconsolidation of Avenir LNG from SNL's balance sheet, reducing our debt and capex commitments in the process. With this partnership, Stolt-Nielsen and NYK Line will expand their future small-scale LNG and LNG bunkering opportunities through the joint venture. Our Stolthaven Terminals joint venture in Kaohsiung, Taiwan, commenced operations with more than 60k cubic metres of storage.
"We are closely monitoring the conflict in the Middle East and the effect on transits through the Strait of Hormuz. While this introduces new complexities to global supply chains, we are thankful that our people remain safe and our assets are not impacted as our network continues to adapt. In this backdrop of elevated uncertainty, we are activating operational and financial levers in each of our businesses: using our global logistics network to support our customers, whilst maintaining strict cost discipline and managing capital allocation for flexibility and long-term value creation."
Outlook
Market visibility has deteriorated materially, with a very fluid situation creating heightened uncertainty in the Middle East in particular. The Strait of Hormuz is a critical trade route, handling approximately 15-20% of global seaborne oil, petroleum products, and chemicals as well as a significant share of chemical feedstocks including LNG and LPG.
Disruption to trade flows is creating tangible effects in chemical markets, with volatile energy prices, shifting feedstock availability and increased activity in the US Gulf contrasting with a slowdown in other regions. We are also seeing spillover effects, including elevated bunker prices and availability constraints East of Suez, which are adding to the operational complexity for all market participants. Even in a peace scenario, it is unclear how long it will take to repair damaged facilities, restart production, and clear the shipping backlog, adding further to the uncertainty.
Our priority is to protect our people and assets while safeguarding earnings and supporting our customers. We have a clear set of operational and financial levers we can activate if necessary, including accelerating ship recycling, deferring uncommitted capex and other cost saving initiatives. We are supported by strong liquidity and balance sheet capacity, our diversified portfolio, and a disciplined approach.
Guidance
Given the unpredictable impact of the conflict on global economic conditions and trading patterns, the Company is withdrawing its previously issued financial guidance for the 2026 financial year. We believe the range of possible scenarios is too wide to provide meaningful earnings guidance at this time.
Dividends
On February 26, 2026, the Company's Board of Directors recommended a final dividend for 2025 of $1.00 per share, payable on May 6, 2026, to shareholders of record as of April 22, 2026. The shares will trade ex-dividend on and after April 21, 2026. The dividend, which is subject to shareholder approval, will be voted on at the Company's Annual General Meeting. If approved, this will bring the full dividend for 2025 to $2.00 per Common Share.
Annual General Meeting
On March 23, 2026, materials for the Company's Annual General Meeting (AGM) were made available electronically and mailed to those shareholders who had requested physical documents. Copies of these materials are also available on the Company's website.
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The Company's AGM will be held on April 16, 2026, at 10:00 am local time, at the registered office of the Company at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. Shareholders of record, as at close of business on March 20, 2026, will be entitled to vote at the meeting.
Stolt-Nielsen performance summary and results
| Reporting item (in USD millions, except per share data and number of shares) | Quarter | ||
|---|---|---|---|
| 1Q26 | 4Q25 | 1Q25 | |
| Revenue | 716.8 | 680.6 | 675.6 |
| Operating profit | 81.8 | 95.5 | 107.9 |
| Non-operating inc. on step-up acquisition of HS4 and Avenir | - | - | 75.2 |
| Net profit | 47.5 | 59.6 | 151.4 |
| EPS attributable to SNL shareholders – diluted | 0.89 | 1.12 | 2.83 |
| Weighted average number of shares – diluted (in millions) | 53.1 | 53.1 | 53.5 |
Debt, net of cash and cash equivalents, was $2,350.8 million as of February 28, 2026, compared with $2,457.1 million as of November 30, 2025. The decrease in net debt was predominantly driven by the reclass of Avenir LNG's debt of $116.4 million to liabilities held for sale. Underlying net operating cash from operations was largely offset by capital expenditures, investments and dividends paid to shareholders. Shareholders' equity attributable to SNL as of February 28, 2026, was $2,514.8 million, compared with $2,414.2 million as of November 30, 2025.
Net interest expense in the first quarter was $35.4 million compared with a first-quarter 2025 interest expense of $29.4 million. As of February 28, 2026, the Company had $133.8 million of cash and cash equivalents and $412.0 million of available and undrawn committed revolving credit lines. In comparison, on November 30, 2025, the Company had $144.6 million of cash and cash equivalents and $332.0 million of available and undrawn committed revolving credit lines.
Segment information
| Operating Profit (Loss) by Division (in USD millions) | Quarter | ||
|---|---|---|---|
| 1Q26 | 4Q25 | 1Q25 | |
| Stolt Tankers | 50.3 | 54.8 | 66.6 |
| Stolthaven Terminals | 28.6 | 24.1 | 28.5 |
| Stolt Tank Containers | (5.2) | 8.1 | 15.2 |
| SSF, SNG, Corporate & Other | 8.1 | 8.5 | (2.4) |
| Total | 81.8 | 95.5 | 107.9 |
Stolt Tankers: Improved volumes offset by lower freight rates
Stolt Tankers reported first-quarter revenue of $386.2 million, down from $408.7 million in the first quarter of 2025. Deep-sea revenue decreased by $18.7 million or 6.5%. Deep-sea volume was up 20.8%, with COA volume improving as new contracts were added and spot volumes increasing due to additional tramp opportunities, supported by a modest increase in operating days. The increase in volume was offset by lower COA and spot rates following ongoing general market weakening since the first quarter of 2025. Deep-sea bunker surcharge revenue declined $7.2 million, reflecting lower bunker fuel prices as the average price of bunkers consumed was down from $550 to $432 per tonne. The average deep-sea TCE revenue for the quarter was $23,627 per operating day, down 14.5% compared to the same quarter last year, driven by lower freight rates. Regional fleet revenue decreased $3.8 million, or 4.0%, compared to the first quarter in the prior year.
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Stolt Tankers reported a first-quarter operating profit of $50.3 million, a $16.3 million reduction from the first quarter of 2025. Operating profit was impacted by higher ship management expenses and depreciation due to the acquisition of HS4 and a reduction in residual values, whilst administrative and general expenses also increased. Equity income from joint ventures was $1.0 million, down from $7.6 million, reflecting lower deep-sea trading results and acquisition of HS4.
Stolthaven Terminals: Continued strong operating profit
Stolthaven Terminals reported first-quarter revenue of $79.2 million, up $2.8 million from the first quarter of 2025, mostly due to the positive impact of storage rate increases, the addition of new contracts, higher dock activity at some locations and the impact of foreign exchange fluctuations. This was partly offset by lower utilisation at several locations and lower ancillary revenue in Houston and New Orleans. Average utilisation at wholly owned terminals in the first quarter was 91.2%, compared to 91.9% in the first quarter of 2025.
Stolthaven Terminals reported a first-quarter operating profit of $28.6 million, just above the first quarter of 2025 and the second-highest quarterly operating profit achieved. The increase in revenue was mostly offset by an increase in operating expense, depreciation, and administrative and general expense, mostly caused by currency fluctuations and annual inflation increases. Equity income from joint ventures also increased to $7.7 million, up from $7.3 million, due to improved performance at Jeong-IL Stolthaven Ulsan, South Korea.
Stolt Tank Containers: Tough market backdrop weighing on results, further impacted by Suttons integration costs
Stolt Tank Containers (STC) reported first-quarter revenue of $184.3 million, up from $152.9 million in the first quarter of 2025, predominantly reflecting the addition of Suttons. In the seasonally weak first quarter, underlying volume (excluding the addition of Suttons) improved slightly, however transportation margins remained under pressure.
STC reported a first-quarter operating loss of $5.2 million, or $0.1 million loss adjusted for Suttons integration costs, compared to an operating profit of $15.2 million in the first quarter of 2025. The reduction in transportation margins was amplified by lower demurrage and ancillary revenue. Repositioning cost increased due to imbalance in trade flows across regions, whilst maintenance and repair expense increased due to inflationary pressures, and administrative and general expense increased due to scaling up of operations.
SSF, SNG, Corporate & Other
Stolt-Nielsen owns two additional operating businesses: SSF and SNG. SNG comprises the Company's investments within LNG, including Avenir LNG, Higas Holdings Limited (Higas) and Golar LNG Limited (Golar). In addition to the Golar holding, SNL holds equity and debt investments in Odfjell SE, Ganesh Benzoplast Limited and the Kingfish Company N.V. At quarter-end, the investments in equity and debt instruments had a book value of $276.5 million.
During the quarter, SSF, SNG, Corporate & Other recorded an operating profit of $8.1 million compared with an operating loss of $2.4 million in the same quarter of 2025. This was mainly driven by improved results in Avenir and lower profit-sharing accruals.
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Conference call
Stolt-Nielsen Limited (Oslo Børs: SNI) will host a virtual presentation to discuss the Company's unaudited results for the first quarter of 2026 on Thursday, April 9, 2026 at 15:00 CEST (09:00 EDT, 14:00 BST).
The virtual presentation will be hosted by:
- Udo Lange - Chief Executive Officer, Stolt-Nielsen Limited
- Jens F. Grüner-Hegge - Chief Financial Officer, Stolt-Nielsen Limited
- Alex Ng - Vice President Strategy & Business Development, Stolt-Nielsen Limited
To join the event online, please click here. The link is also 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 here 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]
About Stolt-Nielsen Limited
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.
Forward-Looking Statements
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 forward-looking 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.
(in US dollar thousands, except per share data)
(UNAUDITED)
STOLT-NIELSEN LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
| Three Months Ended | |||
|---|---|---|---|
| Feb 28 | |||
| 2026 | Nov 30 | ||
| 2025 | Feb 28 | ||
| 2025 | |||
| Revenue | $ 716,816 | $ 680,603 | $ 675,600 |
| Operating expenses | 462,029 | 426,213 | 428,889 |
| 254,787 | 254,390 | 246,711 | |
| Depreciation and amortisation | 96,173 | 88,863 | 78,746 |
| Gross profit | 158,614 | 165,527 | 167,965 |
| Share of profit of joint ventures and associates | 8,890 | 11,898 | 11,043 |
| Administrative and general expenses | (89,171) | (82,808) | (71,509) |
| Gain on disposal of assets, net | 3,539 | 56 | 74 |
| Other operating income | 100 | 1,100 | 502 |
| Other operating expenses | (168) | (228) | (202) |
| Operating Profit | 81,804 | 95,545 | 107,873 |
| Non operating income (expense) | |||
| Finance income | 1,811 | 1,819 | 2,216 |
| Finance expense - finance leases | (5,521) | (5,072) | (4,761) |
| Finance expense - debt | (31,641) | (29,648) | (26,813) |
| Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S. (a) | - | - | 75,190 |
| Foreign currency exchange gain (loss), net | 1,827 | (1,837) | (2,734) |
| Other non-operating (loss) income, net | 4,906 | 5,312 | 8,187 |
| Profit before income tax | 53,186 | 66,119 | 159,158 |
| Income tax expense | (5,676) | (6,569) | (7,755) |
| Net Profit | $ 47,510 | $ 59,550 | $ 151,403 |
| Attributable to: | |||
| Equity holders of SNL | $ 47,467 | $ 59,550 | $ 151,403 |
| Non-controlling interests | 43 | - | - |
| $ 47,510 | $ 59,550 | $ 151,403 | |
| PER SHARE DATA | |||
| Net profit attributable to SNL shareholders | |||
| Basic | $ 0.89 | $ 1.12 | $ 2.83 |
| Diluted | $ 0.89 | $ 1.12 | $ 2.83 |
| Weighted average number of common shares and common share equivalents outstanding: | |||
| Basic | 53,121 | 53,121 | 53,524 |
| Diluted | 53,121 | 53,121 | 53,524 |
| SELECTED CASH FLOW DATA | |||
| Capital expenditures (excluding capitalised interest) | $ 45,064 | $ 62,629 | $ 65,477 |
| Purchase price of acquisitions (net of cash acquired) | - | 75,225 | 158,233 |
| Equity contributions and advances to joint ventures and associates, net of repayments | 2,024 | (24,601) | 321 |
| Total selected cash flow data | $ 47,088 | $ 113,253 | $ 224,031 |
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) AND ONE-TIME ITEMS
| Profit before income tax | $ 53,186 | $ 66,119 | $ 159,158 |
|---|---|---|---|
| Adjusted for: | |||
| Depreciation and amortisation | 96,173 | 88,863 | 78,746 |
| Finance income | (1,811) | (1,819) | (2,216) |
| Finance expense - finance leases | 5,521 | 5,072 | 4,761 |
| Finance expense - debt | 31,641 | 29,648 | 26,813 |
| Gain on step-up acquisitions of Avenir and Hassel Shipping 4 A.S. | - | - | (75,190) |
| Gain on disposal of assets, net | (3,539) | (56) | (74) |
| EBITDA | $ 181,171 | $ 187,827 | $ 191,998 |
| Fair value adjustment made to biological assets | |||
| (included in operating expenses) | (402) | (1,855) | (4,200) |
| EBITDA before fair value of biological assets and other one-time items | $ 180,769 | $ 185,972 | $ 187,798 |
(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,
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STOLT-NIELSEN LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in US dollar thousands)
(UNAUDITED)
| As of | ||
|---|---|---|
| Feb 28 | Nov 30 | |
| 2026 | 2025 | |
| ASSETS | ||
| Cash and cash equivalents | $ 133,764 | $ 144,557 |
| Receivables | 375,416 | 361,918 |
| Inventories | 9,295 | 12,127 |
| Biological assets | 71,938 | 72,520 |
| Prepaid expenses | 119,944 | 114,490 |
| Derivative financial instruments | 6,641 | 8,449 |
| Income tax receivable | 3,629 | 10,125 |
| Assets held for sale (c) | 359,897 | - |
| Other current assets | 40,112 | 31,956 |
| Total current assets | 1,120,636 | 756,142 |
| Property, plant and equipment | 3,191,809 | 3,494,177 |
| Right-of-use assets | 373,019 | 384,596 |
| Deposit for newbuildings | 71,738 | 105,742 |
| Investment in and advances to joint ventures and associates | 647,528 | 627,377 |
| Investments in equity and debt instruments (a) | 276,465 | 248,350 |
| Deferred tax assets | 11,996 | 11,958 |
| Goodwill and other intangible assets | 83,332 | 90,984 |
| Employee benefit assets | 26,443 | 26,278 |
| Derivative financial instruments | 18,783 | 3,992 |
| Insurance reimbursement receivables | 11,336 | 13,277 |
| Other non-current assets | 13,083 | 11,889 |
| Total non-current assets | 4,725,532 | 5,018,620 |
| Total assets | $ 5,846,168 | $ 5,774,762 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Short-term bank loans | $ 55,000 | $ 65,000 |
| Current maturities of long-term debt | 230,518 | 292,295 |
| Current lease liabilities | 86,365 | 75,032 |
| Accounts payable | 124,347 | 124,926 |
| Accrued voyage expenses and unearned revenue | 88,573 | 68,816 |
| Accrued expenses | 263,989 | 274,739 |
| Provisions | 525 | 464 |
| Income tax payable | 16,516 | 19,355 |
| Dividend payable | - | 53,177 |
| Liabilities held for sale (c) | 146,902 | - |
| Derivative financial instruments | 3,495 | 4,246 |
| Other current liabilities | 35,347 | 42,918 |
| Total current liabilities | 1,051,577 | 1,020,968 |
| Long-term debt | 1,806,784 | 1,842,127 |
| Long-term lease liabilities | 305,941 | 327,156 |
| Deferred tax liabilities | 121,029 | 120,497 |
| Employee benefit obligations | 19,768 | 19,858 |
| Derivative financial instruments | 8,358 | 11,320 |
| Long-term provisions | 16,379 | 17,367 |
| Other non-current liabilities | 1,518 | 1,312 |
| Total non-current liabilities | 2,279,777 | 2,339,637 |
| Total liabilities | 3,331,354 | 3,360,605 |
| Common stock and Founder's shares | 58,538 | 58,538 |
| Paid-in surplus | 195,466 | 195,466 |
| Retained earnings | 2,494,591 | 2,447,124 |
| Other components of equity | (114,066) | (167,213) |
| 2,634,529 | 2,533,915 | |
| Treasury stock | (119,984) | (119,984) |
| Non-controlling interests | 269 | 226 |
| Total shareholders' equity | 2,514,814 | 2,414,157 |
| Total liabilities and shareholders' equity | $ 5,846,168 | $ 5,774,762 |
| Debt, net of cash and cash equivalents (b)(c) | $ 2,350,844 | $ 2,457,053 |
(a) Investments in equity and debt instruments include shares of Golar LNG Limited acquired for $106.4 million and convertible loan of $12.0 million. Ganesh Benzoplast Limited shares for $5.1 million, Odfjell SE shares for $55.4 million and The Kingfish Company N.V. equity for $11.1 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.
(c) Avenir LNG Ltd and its subsidiaries have been classified as held for sale. $356.5 million has been included in assets held for sale and $146.9 million has been included in liabilities held for sale. If these assets and liabilities were not classified as held for sale, they would contribute an incremental $116.4 million to debt, net of cash and cash equivalents.
STOLT-NIELSEN LIMITED AND SUBSIDIARIES
SELECTED SEGMENT AND FINANCIAL DATA
(in US dollar thousands)
(UNAUDITED)
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 | |||
|---|---|---|---|
| Feb 28 2026 | Nov 30 2025 | Feb 28 2025 | |
| REVENUE: | |||
| Stolt Tankers | |||
| Deepsea | $ 295,433 | $ 287,109 | $ 314,119 |
| Regional Fleet | 90,733 | 87,958 | 94,539 |
| Stolt Tankers - Total | 386,166 | 375,065 | 408,658 |
| Stolthaven Terminals | 79,209 | 77,852 | 76,416 |
| Stolt Tank Containers | 184,281 | 166,990 | 152,869 |
| Stolt Sea Farm | 41,763 | 38,021 | 31,658 |
| Stolt-Nielsen Gas | 22,048 | 22,615 | 5,999 |
| Corporate and Other | 3,349 | 60 | - |
| Total | $ 716,816 | $ 680,603 | $ 675,600 |
| OPERATING EXPENSES: | |||
| Stolt Tankers | $ 259,249 | $ 248,479 | $ 279,902 |
| Stolthaven Terminals | 27,320 | 29,028 | 26,550 |
| Stolt Tank Containers | 135,557 | 116,348 | 104,323 |
| Stolt Sea Farm (excluding Fair Value Adjustment) | 22,717 | 21,063 | 19,172 |
| Stolt Sea Farm Fair Value Adjustment | (402) | (1,855) | (4,200) |
| Stolt-Nielsen Gas | 15,224 | 13,647 | 3,448 |
| Corporate and Other | 2,364 | (497) | (306) |
| Total | $ 462,029 | $ 426,213 | $ 428,889 |
| DEPRECIATION AND AMORTISATION: | |||
| Stolt Tankers | $ 53,784 | $ 48,378 | $ 44,136 |
| Stolthaven Terminals | 16,024 | 16,906 | 15,488 |
| Stolt Tank Containers | 18,495 | 15,212 | 13,999 |
| Stolt Sea Farm | 2,335 | 2,895 | 2,102 |
| Stolt-Nielsen Gas | 3,693 | 3,722 | 1,643 |
| Corporate and Other | 1,842 | 1,750 | 1,378 |
| Total | $ 96,173 | $ 88,863 | $ 78,746 |
| GROSS PROFIT: | |||
| Deepsea | $ 57,872 | $ 65,701 | $ 74,795 |
| Regional Fleet | 15,261 | 12,507 | 9,625 |
| Stolt Tankers - Total | 73,133 | 78,208 | 84,620 |
| Stolthaven Terminals | 35,865 | 31,918 | 34,378 |
| Stolt Tank Containers | 30,229 | 35,430 | 34,547 |
| Stolt Sea Farm (excluding Fair Value Adjustment) | 16,711 | 14,063 | 10,384 |
| Stolt Sea Farm Fair Value Adjustment | 402 | 1,855 | 4,200 |
| Stolt-Nielsen Gas | 3,131 | 5,246 | 908 |
| Corporate and Other | (857) | (1,193) | (1,072) |
| Total | $ 158,614 | $ 165,527 | $ 167,965 |
| SHARE OF PROFIT OF JOINT VENTURES AND ASSOCIATES: | |||
| Stolt Tankers | $ 1,038 | $ 3,156 | $ 7,579 |
| Stolthaven Terminals | 7,664 | 7,622 | 7,315 |
| Stolt Tank Containers | 404 | 451 | 182 |
| Stolt-Nielsen Gas | (216) | 669 | (4,033) |
| Total | $ 8,890 | $ 11,898 | $ 11,043 |
| ADMINISTRATIVE AND GENERAL EXPENSES: | |||
| Stolt Tankers | $ (27,579) | $ (26,519) | $ (25,535) |
| Stolthaven Terminals | (15,015) | (16,125) | (13,391) |
| Stolt Tank Containers | (35,783) | (27,792) | (20,119) |
| Stolt Sea Farm | (4,402) | (4,268) | (2,928) |
| Stolt-Nielsen Gas | (2,378) | (1,505) | (741) |
| Corporate and Other | (4,014) | (6,599) | (8,795) |
| Total | $ (89,171) | $ (82,808) | $ (71,509) |
| GAIN (LOSS) ON DISPOSAL OF ASSETS, NET: | |||
| Stolt Tankers | $ 3,743 | $ - | $ - |
| Stolthaven Terminals | (66) | 65 | (7) |
| Stolt Tank Containers | (138) | (19) | 505 |
| Stolt Sea Farm | - | - | - |
| Stolt-Nielsen Gas | - | (16) | - |
| Corporate and Other | - | 26 | (424) |
| Total | $ 3,539 | $ 56 | $ 74 |
| OTHER OPERATING INCOME (EXPENSE), NET: | |||
| Stolt Tankers | $ - | $ (1) | $ (35) |
| Stolthaven Terminals | 144 | 649 | 164 |
| Stolt Tank Containers | 55 | 67 | 44 |
| Stolt Sea Farm | (297) | (195) | (73) |
| Stolt-Nielsen Gas | - | (19) | 326 |
| Corporate and Other | 30 | 371 | (126) |
| Total | $ (68) | $ 872 | $ 300 |
| OPERATING PROFIT (LOSS): | |||
| Stolt Tankers | $ 50,335 | $ 54,844 | $ 66,629 |
| Stolthaven Terminals | 28,592 | 24,129 | 28,459 |
| Stolt Tank Containers | (5,233) | 8,137 | 15,159 |
| Stolt Sea Farm | 12,414 | 11,439 | 11,583 |
| Stolt-Nielsen Gas | 537 | 4,391 | (3,540) |
| Corporate and Other | (4,841) | (7,395) | (10,417) |
| Total | $ 81,804 | $ 95,545 | $ 107,873 |
| EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) (a) | |||
| Stolt Tankers | $ 101,876 | $ 102,010 | $ 109,806 |
| Stolthaven Terminals | 45,546 | 40,929 | 43,747 |
| Stolt Tank Containers | 13,131 | 23,448 | 28,164 |
| Stolt Sea Farm | 14,918 | 14,202 | 13,646 |
| Stolt-Nielsen Gas | 4,242 | 9,495 | (1,042) |
| Corporate and Other | 1,458 | (2,257) | (2,323) |
| Total | $ 181,171 | $ 187,827 | $ 191,998 |
(a) EBITDA excludes gain (loss) on disposal of assets and on step-up acquisition of Avenir and HS4, net
9
STOLT-NIELSEN LIMITED AND SUBSIDIARIES
OPERATING YARDSTICKS
(UNAUDITED)
| STOLT TANKERS | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter |
|---|---|---|---|---|
| Time charter equivalent revenue per operating day (a) | ||||
| 2024 | 29,944 | 32,862 | 33,355 | 30,185 |
| 2025 | 27,620 | 26,220 | 24,838 | 24,518 |
| 2026 | 23,627 | N/A | N/A | N/A |
| Volume of cargo carried - million of tons | ||||
| Deepsea fleet - Operated in the period (b) | ||||
| 2024 | 2.7 | 2.6 | 2.5 | 2.7 |
| 2025 | 2.4 | 2.7 | 2.6 | 2.8 |
| 2026 | 2.9 | N/A | N/A | N/A |
| Regional fleets - Operated in the period (c) | ||||
| 2024 | 2.1 | 2.2 | 2.0 | 2.1 |
| 2025 | 2.2 | 2.2 | 2.1 | 1.9 |
| 2026 | 1.9 | N/A | N/A | N/A |
| Operating days | ||||
| Deepsea fleet - Operated in the period (d) | ||||
| 2024 | 6,984 | 6,972 | 6,911 | 7,129 |
| 2025 | 7,135 | 7,256 | 7,202 | 7,383 |
| 2026 | 7,320 | N/A | N/A | N/A |
| Regional fleets - Operated in the period (c) | ||||
| 2024 | 6,932 | 7,017 | 6,893 | 6,973 |
| 2025 | 6,725 | 6,841 | 6,793 | 6,849 |
| 2026 | 6,626 | N/A | N/A | N/A |
| Average number of ships | ||||
| Deepsea fleet - Operated | ||||
| 2024 | 76 | 75 | 78 | 79 |
| 2025 | 79 | 79 | 79 | 80 |
| 2026 | 82 | N/A | N/A | N/A |
| Regional fleets - Operated | ||||
| 2024 | 76 | 77 | 74 | 75 |
| 2025 | 74 | 75 | 75 | 74 |
| 2026 | 73 | N/A | N/A | N/A |
| STOLT TANK CONTAINERS | ||||
| Number of Shipments | ||||
| 2024 | 40,047 | 41,781 | 37,365 | 35,528 |
| 2025 | 36,454 | 39,887 | 38,244 | 40,576 |
| 2026 | 47,923 | N/A | N/A | N/A |
| Tank containers owned and leased at the end of the period | ||||
| 2024 | 50,748 | 50,571 | 51,036 | 51,407 |
| 2025 | 51,011 | 51,732 | 52,509 | 64,790 |
| 2026 | 66,799 | N/A | N/A | N/A |
| STOLTHAVEN TERMINALS | ||||
| Average marketable capacity in cubic metres | ||||
| 2024 | 1,742,786 | 1,750,169 | 1,748,702 | 1,748,532 |
| 2025 | 1,748,726 | 1,751,173 | 1,755,080 | 1,758,314 |
| 2026 | 1,758,355 | N/A | N/A | N/A |
| Tank capacity utilisation % | ||||
| 2024 | 92.3% | 90.0% | 90.0% | 90.9% |
| 2025 | 91.9% | 92.1% | 91.9% | 91.0% |
| 2026 | 91.2% | N/A | 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.