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Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2022
LONDON, March 31, 2022 – Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the first quarter of 2022. The Company reported a first-quarter net profit attributable to shareholders of $52.3 million, with revenue of $606.2 million, compared with a net profit of $35.0 million, with revenue of $593.1 million, in the fourth-quarter 2021.
Highlights for the first quarter, compared with the fourth quarter of 2021, were:
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented: “Typically the first quarter of the year is the seasonally weakest quarter for our businesses. However, this year the first quarter showed no signs of weakness as we posted our strongest quarterly results since 2008, with Stolt Tank Containers leading the way with record earnings. Although shipment volumes were down, margins held firm, supported by our ability to secure space on container ships and higher demurrage revenue. At Stolt Tankers firmer spot rates helped offset higher bunker cost, and subsequent to quarter-end it appears that spot rates continue to match the increase in bunker cost. Increased utilisation and throughput volume at Stolthaven Terminals resulted in higher revenue and margins. And at Stolt Sea Farm, contrary to normal seasonal patterns where we usually experience a drop in prices and volume during January and February, sales volumes have held up very well. We were consequently able to maintain prices throughout the quarter.
“Just as we thought life would go back to “normal” after the pandemic, war breaks out in Ukraine. The central banks are raising interest rates, trying to curb inflation. Oil and gas prices are skyrocketing and a new outbreak of Covid is lurking in China. I can't imagine a more difficult environment to give a quarterly guidance, but let me try. There have been no further newbuilding orders in the chemical tanker space. There is a drive to secure refined products away from Russia causing longer tonne-mile demand in the MR market resulting in swing tonnage beginning to exit the chemical trade. In times of uncertainty the product and chemical markets tend to secure additional storage capacity, so we predict a strengthening of utilisation and rates in Stolthaven Terminals. I expect shipments in Stolt Tank Containers to come down because of the demand destruction caused by the high container liner rates. The value of some of the products we carry in STC cannot justify these increased rates and the products could possibly move back to chemical tankers. However, I still believe margin and shipment volumes will give a record year for STC. I expect Stolt Sea Farm to have a similar year as in 2021.
“On March 7 we announced the purchase of 5% of the A-shares in Odfjell SE. This investment is driven by our belief in the chemical tanker industry and a pending recovery. Our investment has naturally prompted speculation about a potential merger between Stolt Tankers and Odfjell Tankers. I have previously spoken out about the need for consolidation in the chemical tanker industry and still strongly believe it is the best way to make our industry environmentally and economically sustainable.”
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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