Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year 2022

02 Feb 2023 08:00 CET

LONDON, February 2, 2023 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the fourth quarter and full year 2022. The Company
reported a fourth-quarter net profit of $95.3 million, with revenue of $732.5
million, compared with a net profit of $74.7 million, with revenue of $744.0
million, in the third quarter. The net profit for the full year was $280.9
million, with revenue of $2,771.8 million, compared with a net profit of $78.8
million, with revenue of $2,181.1 million, in 2021. The EBITDA for the full year
2022 was $715.3 million, up from $536.6 million in 2021.

Highlights for the fourth quarter, compared with the third quarter of 2022,
were:

* EBITDA of $196.0 million, up from $184.4 million.
* Stolt Tankers reported operating profit of $78.2 million, up from $61.1
million, largely driven by higher spot rates and improved volume.
* The STJS average sailed-in revenue for the quarter was $27,162 per operating
day, up from $24,341.
* Stolthaven Terminals reported operating profit of $20.8 million, compared
with $20.7 million.
* Stolt Tank Containers (STC) reported operating profit of $44.9 million, up
from
$43.1 million. Higher demurrage revenue offset a decrease in shipments while
margins held steady.
* Stolt Sea Farm reported an operating profit before fair value adjustment of
biomass of $3.3 million, down from $6.1 million, reflecting lower sales
volume due to seasonal impacts.
* Stolt-Nielsen Gas reported an operating loss of $2.9 million, compared to a
loss of
$2.0 million.
* Corporate and Other reported an operating loss of $10.4 million compared
with a loss of $14.8 million.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited,
commented: "The fourth quarter capped a stellar year, where all businesses
performed well. The improvements seen in our markets were key, as well as our
steadfast focus during recent years on implementing and delivering on our
strategies for each of the businesses. Stolt Tankers' net profit improved for
the fourth consecutive quarter as chemical tanker spot rates and volumes
continued to improve. Results at Stolthaven Terminals remained unchanged.
Continued improvements at our Houston and New Orleans terminals in the US were
offset by softness in other regions, most notably Europe. Stolt Tank Containers,
the star performer of 2022, delivered another strong quarter following their
success at maintaining margins as container liner freight rates declined. At
Stolt Sea Farm, seasonality is reflected in the weaker fourth quarter results,
where focus was on production and preparations for the peak Christmas season
sales during December.

"For Stolt Tankers, the fourth quarter into the first quarter is the peak
contract renewal season with about 55% of total contracts up for negotiations.
The average rate increase on the contracts renewed in the fourth quarter was
approximately 30%, which will have a positive impact on future earnings. In
addition we have successfully tightened terms in the contracts. About 16% of our
contract portfolio has not been renewed as some customers were not prepared to
accept the increases we asked for.  Most of these customers are currently
operating in the spot market. With little to no growth in the global chemical
tanker fleet in the next few years, and newbuilding orders not available for
delivery prior to 2026, we expect continued strengthening of our tanker markets.

"At Stolthaven Terminals, high utilisation at our Houston and New Orleans, US,
terminals and elsewhere, will allow for increased storage rates, although we are
seeing areas with softness, particularly in Europe. We therefore expect to see
similar performance from Stolthaven Terminals in 2023.

"At Stolt Tank Containers, the impact of the increased space on container liners
means we are also seeing stronger competition leading to margin pressure.
Reduced volumes out of Europe reflect the strain on the European chemical
industry caused by high energy costs; however, this is countered by the opening
up of China, driving renewed volumes out of Asia, while the Americas remain
flat. Overall we expect STC's 2023 results to be in line with our pre-2022
historical earnings.

"At Stolt Sea Farm we expect slightly lower prices in 2023 from our turbot sales
due to the recessionary pressure impacting the hospitality sector.  We expect
continued growth in both volume and prices from sole operations."


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

More information:
Access the news on Oslo Bors NewsWeb site

581206_SNL - 4Q22 Interim Accounts.pdf
581206_SNL - 4Q22 Earnings Release.pdf