0OHK Stolt-nielsen Ltd

 
TIDMSNI 
 
 
   LONDON, April 8, 2021 -- Stolt-Nielsen Limited (Oslo Børs: SNI) 
today reported unaudited results for the first quarter ended February 
28, 2021. The Company reported a first-quarter net profit attributable 
to shareholders of $2.5 million, with revenue of $480.2 million, 
compared with a net profit attributable to shareholders of $13.4 million, 
with revenue of $480.6 million, in the fourth quarter of 2020. 
 
   Highlights for the first quarter, compared with the fourth quarter of 
2020, were: 
 
 
   -- Stolt Tankers reported operating profit of $12.9 million, down from $31.9 
      million, as COA volumes eased off and spot rates weakened.   During the 
      quarter the five modern stainless-steel ships bought from CTG joined the 
      Stolt Tankers Joint Service (STJS). 
 
   -- The STJS Sailed-in Time-Charter Index dropped to 0.52 from 0.60. 
 
   -- Stolthaven Terminals reported operating profit of $15.7 million, up from 
      $8.0 million. The prior quarter included a net impairment charge of $8.8 
      million. 
 
   -- Stolt Tank Containers reported operating profit of $8.0 million, down 
      from $13.9 million, reflecting higher ocean freight and repositioning 
      costs. 
 
   -- Stolt Sea Farm reported an operating loss before fair value adjustment of 
      biomass of $0.4 million compared with an operating loss of $0.3 million. 
 
   -- Corporate and Other reported an operating loss of $2.2 million compared 
      with a loss of $3.5 million. The improvement was mainly due to insurance 
      cost accruals in the prior quarter. 
 
 
   Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, 
commented: "The first quarter reflected the impact of severe winter 
weather in the northern hemisphere, which caused delays and impacted 
scheduling. For Stolt Tankers, the impact was amplified by swing tonnage 
from the soft product tanker market, putting pressure on volumes and 
spot rates. February's cold snap in Houston had a negative impact on 
volumes and scheduling from mid-February into the second quarter as 
customers were forced to shut down production capacity. For Stolthaven 
Terminals the cold snap required a precautionary temporary shut-down of 
operations, resulting in reduced throughput volumes at the Houston 
terminal. Stolt Tank Containers saw a continued increase in activity 
levels throughout the quarter with strong customer bookings, although 
financial results were impacted by higher ocean freight and other 
move-related expenses. Stolt Sea Farm continued to drive improvements in 
volume sold. However, the impact of further Covid-related lockdowns 
across Europe has slowed the expected improvement of prices. 
 
   "During the first quarter Stolt Tankers took delivery of the five 26,000 
dwt stainless steel ships secured at the end of August 2020. Two of the 
ships were purchased by NYK Stolt Tankers, a joint venture with NYK 
Line. All five ships were financed at favourable terms. Stolt Tank 
Containers expanded its fleet by almost 2,000 tanks during the quarter. 
Stolthaven completed an expansion project at New Orleans, adding almost 
16,000 cubic metres of storage capacity. During the quarter Stolt Sea 
Farm began harvesting at the new land-based sole recirculation facility 
at Cervo, Spain, and also started to populate a second new recirculation 
facility at Tocha, Portugal, with juveniles. Harvesting is expected to 
begin early next year. Both facilities have exceeded expectations in 
terms of growth of biomass and control of production cost. Preparations 
for a potential IPO of Stolt Sea Farm and Stolt Tankers continued during 
the quarter. 
 
   "Subsequent to the end of the quarter, the six-day closure of the Suez 
Canal disrupted operations at both Stolt Tankers and Stolt Tank 
Containers. It is expected that the closure will cost the Company less 
than  $1.0 million in delays, which will be reflected in the second 
quarter. 
 
   "With the global roll out of vaccinations combined with economic 
stimulus packages announced both in the US and EU, and the economic 
growth recovery in China, combined with pent up demand, I am optimistic 
about the future for all the business divisions. With the low chemical 
tanker orderbook it is only a matter of time before the shipping market 
begins to firm. I therefore remain optimistic about the medium to 
long-term outlook, and look forward to a recovery beginning in earnest 
during the second half of this year." 
 
   "Finally, I am happy to welcome Ms. Janet Ashdown as a nominee to the 
Board of Directors of SNL to be voted on at the Company's upcoming 
Annual General Meeting of shareholders. Ms. Ashdown is a highly 
experienced Non-Executive Director with significant experience of 
managing complex supply chain operations at BP and has a strong interest 
in the energy transition, hydrogen and carbon capture, and the broader 
ESG agenda." 
 
   This information is subject to the disclosure requirements pursuant to 
Section 5-12 the Norwegian Securities Trading Act 
 
   Attachments 
 
 
   -- SNL - 1Q21 Earnings Release 
      https://ml-eu.globenewswire.com/Resource/Download/a67fad74-7eea-401d-b0ae-e1b472e5333e 
 
 
   -- Interim Accounts 1st Qtr 2021 
      https://ml-eu.globenewswire.com/Resource/Download/3f265121-4cdc-4b2c-9760-b39f4f6d6c45 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

April 08, 2021 02:29 ET (06:29 GMT)

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