Stolt-Nielsen Limited Reports Unaudited Results For The Second Quarter And First Half Of 2021
01 July 2021 - 4:30PM
UK Regulatory
TIDMSNI
LONDON, July 1, 2021 -- Stolt-Nielsen Limited (Oslo Børs: SNI)
today reported unaudited results for the second quarter and first
half of 2021. The Company reported a second-quarter net profit
attributable to shareholders of $7.8 million, with revenue of
$526.9 million, compared with a net profit attributable to
shareholders of $2.5 million, with revenue of $480.2 million, in
the first quarter of 2021. The net profit attributable to
shareholders for the first six months was $10.3 million, with
revenue of $1,007.1 million, compared with a net loss attributable
to shareholders of $16.3 million, with revenue of $1,000.5 million,
in the first half of 2020.
Highlights for the second quarter, compared with the first
quarter, were:
-- Stolt Tankers reported operating profit of $12.6 million, marginally down
from $12.9 million.
-- The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index fell
slightly to 0.51 from 0.52.
-- Stolthaven Terminals reported operating profit of $18.3 million, up from
$15.7 million driven by $2.7 million higher revenue and the reversal of a
first-quarter tax charge at a JV terminal with a favourable
quarter-on-quarter impact of $1.8 million.
-- Stolt Tank Containers reported operating profit of $12.5 million, up from
$8.0 million, reflecting strong volumes and improved margins.
-- Stolt Sea Farm reported an operating loss before fair value adjustment of
biomass of $1.4 million compared with an operating loss of $0.4 million.
-- Corporate and Other reported an operating loss of $0.9 million compared
with a loss of $2.2 million. The improvement was mainly due to a
reduction in profit sharing accruals.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen
Limited, commented: "During the second quarter we saw an increase
in activity across the board, although this is not fully reflected
in the financial results. At Stolt Tankers we saw an increase in
overall volume following the delivery of the CTG ships. However, a
reduction in contract volumes resulting from the Houston freeze in
February and reduced acid nominations, required us to fill capacity
with lower-paying spot business while bunker prices continued to
rise, which resulted in a slightly lower time-charter equivalent.
At Stolt Tank Containers the improvement in earnings was due to a
continued strong increase in shipments. At Stolthaven Terminals we
saw an increase in utilisation and throughput volumes, but pockets
of weakness in Asia Pacific and Australia held the overall results
down. At Stolt Sea Farm we are seeing strong demand for our species
in all markets due to the end of the wild-catch season. Further
price increases are expected during the traditionally strong summer
season.
"With the delivery of the five CTG ships and the 2,600 newly
leased tank containers, and the commissioning of additional storage
capacity, the three logistics businesses are well positioned to
capitalise on the pending recovery. I remain positive about the
market outlook for Stolt Tankers, where we have seen a recovery in
COA volumes. At Stolthaven Terminals utilisation has continued to
improve steadily over recent months, with an expectation that rates
will follow. Stolt Tank Containers continue to set new shipment
records on a monthly basis driven by strong demand across a number
of regions. 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 we expect harvesting to begin at
Tocha as early as August, four months ahead of schedule. This
additional volume is welcome as we have seen a rapid rise in prices
subsequent to quarter-end, which is set to continue through the
peak summer season.
"In an effort to accelerate the roll-out of vaccines, Stolt
Tankers has begun its own vaccination programme for crew members.
During the quarter approximately 350 crew were vaccinated, with a
further 800 targeted during the third quarter."
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
-- SNL - 2Q21 Earnings Press Release
https://ml-eu.globenewswire.com/Resource/Download/2611accb-d1cc-40a7-a783-32fdd72372df
-- Interim Accounts 2nd Qtr 2021 Final Version
https://ml-eu.globenewswire.com/Resource/Download/6e69c9f1-a269-4266-9897-eb178e7fb949
(END) Dow Jones Newswires
July 01, 2021 02:30 ET (06:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Stolt-nielsen (LSE:0OHK)
Historical Stock Chart
From Apr 2024 to May 2024
Stolt-nielsen (LSE:0OHK)
Historical Stock Chart
From May 2023 to May 2024