Stolt-Nielsen Limited Reports Unaudited Results for the Fourth Quarter and Full Year 2023
02.07.2024 By Tank Terminals - NEWS

February 07, 2024 [Stolt Nielsen]- Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the fourth quarter and full year ending November 30, 2023.

 

The Company reported a fourth-quarter net profit of $98.4 million with revenue of $695.2 million, compared with a net profit of $95.3 million, with revenue of $732.5 million, in the fourth quarter of 2022. The net profit for the full year 2023 was $296.7 million, with revenue of $2,820.2 million, compared with a net profit of $280.9 million, with revenue of $2,771.8 million, in 2022.

 

Highlights for the fourth quarter of 2023, compared with the fourth quarter of 2022, were:

  • Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $208.4 million, up from $197.8 million.
  • Earnings per share in the fourth quarter was $1.84, up from $1.78, with the full-year number at $5.54, up from $5.25 in 2022.
  • Stolt Tankers reported operating profit of $99.8 million, up from $78.2 million.
  • The STJS average sailed-in revenue for the quarter was $30,144 per operating day, up 11.0% from $27,162.
  • Stolthaven Terminals reported operating profit of $26.0 million, up from $20.8 million.
  • Stolt Tank Containers reported operating profit of $14.2 million, down from $44.9 million.
  • Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $4.2 million, up from $3.2 million.
  • Stolt-Nielsen Gas reported an operating loss of $0.9 million, compared to a loss of $2.9 million.
  • Corporate and Other reported an operating loss of $11.6 million compared to a loss of $10.4 million.

Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented: “In a very challenging year, our team has performed exceptionally to deliver great value for our customers and shareholders. The fourth quarter produced another strong set of results, culminating in another strong year for our company.

“During the year, Stolt Tankers experienced particularly robust market conditions. Following a fall in spot rates during the third quarter, the firming trend resumed as we headed into the contract renewal season.

“At Stolthaven Terminals continued high utilisation supported an increase in storage and throughput rates and ancillary charges, resulting in Stolthaven’s best year to date. At Stolt Tank Containers volumes continued to increase, however, during the fourth quarter the predicted reduction in margins and demurrage revenue impacted results.

“Stolt Sea Farm’s strong operating performance for the full year concluded with another excellent quarter, which saw rising sales volume and firm prices for both turbot and sole.

“During the quarter Stolt Tankers announced a newbuilding order for six stainless-steel fuel-efficient ships from Wuhu Shipyard in China, with estimated delivery from 2026 onwards. This is our first newbuilding order since taking delivery of five ships in 2018 as we have been purchasing secondhand ships in the market. Yard capacity remains very tight, and we are pleased that we secured these newbuildings with a favourable delivery window that means they will be delivered in time for the retirement of older tonnage.”

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Sempra Targets Cameron LNG Expansion FID in H1 2025
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- US LNG exporter Sempra Infrastructure, a unit of Sempra, expects t... Read More
Gastrade: Greece’s first FSRU to Start Commercial Ops by End of April
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- Greece’s Gastrade expects to launch commercial operations at its... Read More
NFE Expects to Launch Altamira LNG Production in March
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- US LNG firm New Fortress Energy expects to start production of liq... Read More
Commonwealth LNG Pushes Back FID to H1 2025
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- Commonwealth LNG has postponed a final investment decision on its ... Read More