Stolt-Nielsen Limited Reports Unaudited Results For The Fourth Quarter And Full Year 2021
27 January 2022 - 6:15PM
UK Regulatory
TIDMSNI
LONDON, January 27, 2022 -- Stolt-Nielsen Limited (Oslo Børs:
SNI) today reported unaudited results for the fourth quarter and
full year 2021. The Company reported a fourth-quarter net profit of
$35.0 million, with revenue of $593.1 million, compared with a net
profit of $33.5 million, with revenue of $580.9 million, in the
third quarter. The net profit for the full year 2021 was $78.8
million, with revenue of $2,181.1 million, compared with a net
profit from continuing operations of $39.2 million, with revenue of
$1,955.1 million, in 2020.
Highlights for the fourth quarter, compared with the third
quarter of 2021, were:
-- Stolt Tankers reported operating profit of $19.2 million, down from $24.1
million due to weaker COA volumes and rising voyage expenses.
-- The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index
reduced slightly from 0.53 to 0.51. The STJS sailed-in revenue for the
quarter was $18,438 per operating day basis an average size per ship of
31,694 deadweight tonnes (DWT), marginally down from $18,795.
-- Stolthaven Terminals reported operating profit of $8.4 million, down from
$19.8 million as a result of a $10.0 million impairment of the Australian
terminals, while the other terminal locations continued to perform well.
-- Stolt Tank Containers reported operating profit of $36.4 million, up from
$24.7 million, reflecting improved transportation margin and higher
demurrage revenue.
-- Stolt Sea Farm reported an operating profit before fair value adjustment
of biomass of $5.3 million compared with an operating profit of $3.5
million, reflecting continued high volume and improved sales prices for
both turbot and sole.
-- Corporate and Other reported an operating loss of $0.1 million compared
with a loss of $2.3 million.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen
Limited, commented: "The strong performance and market conditions
that we saw in the third quarter at both Stolt Tank Containers and
Stolt Sea Farm continued through the fourth quarter. At Stolt
Tankers lower volumes and higher voyage expenses reduced our
trading margins. The underlying steady operating performance and
long-term build-up in value at Stolthaven Terminals was
overshadowed by the impairment of the Newcastle terminal in
Australia. For terminals overall there was further improvement in
utilisation, although lower throughput volumes reflected modest
dockside activity. Stolt Tank Containers' markets strengthened,
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 continued after the peak summer season with prices
for both species continuing to firm.
"I am positive about the 2022 market outlook for all our
businesses. Although the first quarter tends to be our seasonally
weakest quarter, initial signs are that volumes and rates in all
three logistics businesses are holding or even improving. Stolt
Tankers' markets are poised to strengthen as the delivery rate of
newbuildings slows down and volumes increase. At Stolthaven
Terminals utilisation continued to firm during the quarter, and
with higher utilisation I expect higher rates to follow. The market
for Stolt Tank Containers continues to look strong, with good
demand and inefficiencies in the supply chain causing capacity
tightness, improving margin per shipment. At Stolt Sea Farm,
biomass growth is strong for both turbot and sole, putting us in a
good position to meet growing demand as we continue to expand the
geographic scope of our customer base.
"Following further deliveries, our joint venture, Avenir LNG,
now operates four modern LNG tankers with bunkering capability and
one LNG terminal in Sardinia. During the quarter one of the two 20
000 CBM ships under construction was sold with a nice profit and
the other one was put on a three-year charter to Shell."
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
-- SNL - 4Q21 Earnings Release
https://ml-eu.globenewswire.com/Resource/Download/b24c991b-416c-48c0-870e-35cb5801020f
-- Interim Accounts 4th Qtr 2021
https://ml-eu.globenewswire.com/Resource/Download/ba37e8fa-ee33-47f6-9725-fec81fccc8a3
(END) Dow Jones Newswires
January 27, 2022 02:15 ET (07:15 GMT)
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