Stolt-Nielsen Limited reports unaudited results for the 2Q and 1H, 2022
Stolt-Nielsen Limited (Oslo) reported unaudited results for the second quarter and first half of 2022. The Company reported a second-quarter net profit attributable to shareholders of $58.6 million, with revenue of $689.1 million, compared with a net profit of $52.3 million, with revenue of $606.2 million, in the first quarter.
The net profit attributable to shareholders for the first half of 2022 was $110.9 million, with revenue of $1,295.3 million, compared with a net profit attributable to shareholders of $10.3 million, with revenue of $1,007.1 million, in the first half of 2021.
Highlights for the second quarter, compared with the first quarter of 2022, were:
- Stolt Tankers reported operating profit of $40.8 million, up from $25.0 million driven by improved volumes, higher utilisation and increasing spot rates, partly offset by higher net bunker costs.
- The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index increased from 0.52 to 0.56. The STJS sailed-in revenue for the quarter was $20,772 per operating day based on an average ship size of 31,550 deadweight tonnes (DWT), up from $18,786.
- Stolthaven Terminals reported operating profit of $25.7 million, up from $22.0 million. The improvement in results was driven by higher throughput and storage revenue following an increase in utilisation as well as a gain on the sale of a terminal in Australia.
- Stolt Tank Containers (STC) reported operating profit of $44.7 million, up from $40.0 million, reflecting increased shipments and higher demurrage revenue.
- Stolt Sea Farm reported an operating profit, before fair value adjustment of biomass, of $4.7 million compared with $6.5 million, reflecting lower turbot volumes sold following the seasonally strong first quarter, while sales prices for both turbot and sole remained firm.
- Stolt-Nielsen Gas reported an operating loss of $1.8 million, compared to an operating profit of $3.6 million. The previous quarter included a $4.7 million gain from our share of the sale of a 20,000-cbm newbuilding by Avenir LNG.
- Corporate and Other reported an operating loss of $5.9 million compared with a loss of $4.7 million. The increased loss was due to higher profit sharing and other employee benefit expenses.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented: “The second quarter net profit is the Company’s highest since 2007, which is encouraging considering we recognised an $11.1 million write-off of debt issuance costs and hedge losses related to the refinancing of the revolving credit line, our main liquidity tool."
