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:
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Stolt Tankers reported operating profit of $19.2 million, down from $24.1 million due to weaker COA volumes and rising voyage expenses.
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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.
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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.
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Stolt Tank Containers reported operating profit of $36.4 million, up from $24.7 million, reflecting improved transportation margin and higher demurrage revenue.
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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.