Stolt-Nielsen Limited Reports Unaudited Results For the Third Quarter and First Nine Months of 2021
06 Octubre 2021 - 01:00AM
Stolt-Nielsen Limited Reports Unaudited Results For the Third
Quarter and First Nine Months of 2021
LONDON, October 6, 2021 –
Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited
results for the third quarter and first nine months of 2021. The
Company reported a third-quarter net profit attributable to
shareholders of $33.5 million, with revenue of $580.9 million,
compared with a net profit attributable to shareholders of $7.8
million, with revenue of $526.9 million, in the second quarter of
2021. The net profit attributable to shareholders for the first
nine months was $43.8 million, with revenue of $1,588.0 million,
compared with a net profit from continuing operations of $23.5
million, with revenue of $1,474.5 million, in the first nine months
of 2020.
Highlights for the third quarter, compared with
the second quarter of 2021, were:
- Stolt Tankers reported operating profit of $24.1
million, up from $12.6 million, reflecting improved trading
results, lower owning expenses and a gain on the sale of a ship.
- The Stolt Tankers Joint Service (STJS) Sailed-in
Time-Charter Index improved slightly from 0.51 to 0.53. The STJS
sailed-in revenue for the quarter was $18,795 per operating day
basis an average size per ship of 32,020 deadweight tonnes
(DWT).
- Stolthaven Terminals reported operating profit of $19.8
million, up from $18.3 million, driven by improved utilisation at
several owned terminals, partly offset by lower equity income at
joint ventures.
- Stolt Tank Containers reported operating profit of
$24.7 million, up from $12.5 million, reflecting
higher transportation and demurrage revenue.
- Stolt Sea Farm reported an operating profit before fair
value adjustment of biomass of $3.5 million compared with an
operating loss of $1.4 million, reflecting a strong improvement in
sales prices for both turbot and sole.
- Corporate and Other reported an operating loss of $2.2
million compared with a loss of $0.9 million as a result of higher
accruals towards profit sharing and long-term
incentives.
Niels G. Stolt-Nielsen, Chief Executive Officer
of Stolt-Nielsen Limited, commented: “The improvement in the third
quarter was primarily a result of very strong performances and
market conditions at Stolt Tank Containers and Stolt Sea Farm. At
Stolt Tankers we saw a recovery in contract nominations following
the second-quarter negative impact of the Houston freeze in
February. As a result of the higher contract volume carried, we
were less reliant on the low paying spot market, which has not yet
shown any sign of recovery. At Stolthaven Terminals we continued to
see an increase in utilisation and throughput volumes, driving
improvements in revenue. Stolt Tank Containers’ markets continue to
show strength with rising freight rates and higher demurrage
revenue compensating for the rising costs. At Stolt Sea Farm the
strong demand for both turbot and sole led to increased sales
volume and solid increases in prices during the traditionally
strong summer season.
“I am positive about the overall market outlook
for all our businesses. Stolt Tankers further consolidated by
adding an additional six ships to its fleet through the pool
participation by Tufton Oceanic. As mentioned before, the supply
side in the chemical parcel tanker segment looks very favourable
and it is just a matter of time before we will see a further
strengthening of the market. At Stolthaven Terminals utilisation
has continued to improve steadily over recent months, and with such
high utilisation it is expected that rates will follow. As we enter
the fourth quarter, the storage market conditions, particularly in
Houston, New Orleans, Singapore and Santos are looking favourable.
I expect the market for Stolt Tank Containers will continue to be
strong in the quarters to come. Even though we are operating under
very challenging circumstances due to tight ocean liner capacity, a
shortage of truck drivers and port congestion, we are able to pass
on the additional costs and improve margin per shipment. At Stolt
Sea Farm, the new Cervo and Tocha farms are both performing beyond
our expectations. Biomass growth is stronger than we first
anticipated, and with our growing sales team we are now working to
expand the geographic scope of our customer base. Tocha had its
first harvest in August, four months ahead of schedule. Sole
production capacity is now in excess of 1,500 tonnes per year, up
from 700 tonnes prior to the commissioning of the two new
farms.
“Momentum at Avenir LNG has accelerated with the
commissioning of the Sardinia terminal and multiple ship deliveries
throughout the second half of 2021. The first two vessels are
already employed under solid charter arrangements with Petronas and
New Fortress Energy. The third ship, Avenir Aspiration, due for
delivery this week, will enter into service to supply our HIGAS
terminal in Sardinia, which began commercial operations in
August. The Avenir Aspiration plays a critical role in
realising Avenir's strategy of becoming the leading small scale LNG
supplier to our customers in Sardinia and throughout the
Mediterranean region. Looking forward, Avenir is close to
finalising significant opportunities for each of the last three
vessels, which will service growing small-scale LNG and bunkering
demand in Asia Pacific, Europe and the Americas respectively.
“In an effort to accelerate the roll-out of
vaccines, Stolt Tankers continued its own vaccination programme for
crew members. To date we have vaccinated over 2,000 of our
seafarers.”
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- SNL_EPR_3Q21
- Interim Accounts 3rd Qtr 2021
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