Stolt-Nielsen Limited reports unaudited results for the fourth quarter and full year 2024

Strong performance in the 2024 financial year

London - January 30, 2025

Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the fourth quarter and full year ended November 30, 2024. The Company reported a fourth-quarter net profit of $91.4 million with revenue of $709.4 million, compared with a net profit of $98.4 million with revenue of $695.2 million in the fourth quarter of 2023.

The net profit for 2024 was $394.8 million with revenue of $2,890.6 million, compared with a net profit of $296.7 million, with revenue of $2,820.2 million in 2023. The prior year was negatively impacted by the MSC Flaminia loss provision of $155.0 million.

Highlights for the fourth quarter of 2024, compared with the fourth quarter of 2023, were:

• Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $212.7 million, up from $208.4 million, with full year EBITDA of $843.0 million, up from $706.8 million in 2023.
• Earnings per share was $1.71, down from $1.84 in the prior year.
• Stolt Tankers reported operating profit of $83.4 million, down from $99.8 million.
• The STJS average time-charter equivalent (TCE) revenue was $30,185 per operating day, compared to $30,144.
• Stolthaven Terminals reported operating profit of $26.2 million, up from $26.0 million.
• Stolt Tank Containers reported operating profit of $16.6 million, up from $14.2 million.
• Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $6.1 million, up from $4.2 million.
• Stolt-Nielsen Gas reported an operating loss of $11.7 million, compared to a loss of $0.9 million.
• Corporate and Other reported an operating profit of $8.7 million compared to a loss of $11.6 million, predominantly reflecting lower profit-sharing and employee related expenses.

Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented: "I am incredibly proud of the team at Stolt-Nielsen for having achieved another strong quarter with EBITDA1 of $212.7 million, consolidating another exceptional year, with EBITDA1 at $843.0 million for the 2024 financial year.

Stolt Tankers continued to perform well as tanker markets remain favourable. Average time charter equivalent (TCE) earnings for the fourth quarter were $30,185 per operating day. While this was an expected decline from the prior quarter's record high level, TCE earnings remained elevated versus historic levels, and supported an average TCE over the full year of $31,574 per operating day. A favourable supply / demand balance was amplified as the ongoing situation in the Red Sea area increased voyage lengths, positively impacting freight rates.

The ongoing margin optimisation strategy at Stolthaven Terminals has impacted utilisation in the short term but higher-margin business is driving improvements in results. Stolt Tank Containers has been operating in generally weak market conditions, driving lower shipments, however we saw some recovery in transport margins in the fourth quarter. At Stolt Sea Farm, we continue to see excellent production, steady demand, and strong pricing, with sales of both turbot and sole reaching record highs."

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

1. Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items.

Full report

Stolt-Nielsen Limited - press release