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Strong third quarter as good momentum continues London - October 5, 2023
Highlights for the third quarter of 2023, compared with the second quarter before the impact of the MSC Flaminia loss provision, were: • Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $200.3 million, down from $227.5 million. • Stolt Tankers reported operating profit of $87.3 million, down from $96.8 million, as spot rates declined during the quarter. • The STJS average sailed-in revenue for the quarter was $28,429 per operating day, down 7.9% from $30,880. • Stolthaven Terminals reported operating profit of $26.0 million, down from $27.8 million. • Stolt Tank Containers reported operating profit of $23.9 million, down from an operating profit of $39.7 million. • Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $6.1 million, up from $4.4 million in the prior quarter, as the third quarter is a seasonally strong quarter. • Stolt-Nielsen Gas reported an operating loss of $3.4 million, compared to a loss of $2.7 million. • Corporate and Other reported an operating loss of $13.4 million compared to a $8.0 million loss in the prior quarter, reflecting amongst other things, pension related expenses and costs related to debt issuance. Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented: "The third quarter results reflect the strong standing of the company and the strength of our diverse portfolio of businesses. Stolt Tankers had another strong quarter, benefitting from firm contract freight rates and improved volumes overall. The spot market, which came off the peak early in the quarter, has now stabilised. Stolthaven Terminals continues to enjoy high utilisation, which has enabled us to renew contracts with rate increases. At Stolt Tank Containers, we were able to increase shipment volumes, albeit at lower margins. For Stolt Sea Farm, the third quarter benefits from rising demand during the summer months, and this year we saw prices, for sole in particular, reach new record highs. Reflecting on our strong performance this quarter and my first few weeks at Stolt-Nielsen, I have been impressed with the strength of our businesses and the leading positions we enjoy in the markets where we operate. It is also good to see that we are operating in a market environment with ongoing positive momentum. Throughout the organisation our people are dedicated to excellence and possess a strong desire to do better for our customers and shareholders. I look forward to building on this positive energy as we drive the company forward." About Stolt-Nielsen Limited Stolt-Nielsen (SNL or the Company) is a long-term investor and manager of businesses focused on opportunities in logistics, distribution and aquaculture. The Stolt-Nielsen portfolio consists of its three global bulk-liquid and chemicals logistics businesses Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers Stolt Sea Farm and various investments. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange (Oslo Børs: SNI). Stolt-Nielsen S.A. press release 
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