Stolt-Nielsen Limited Reports Unaudited Results For the First Quarter of 2023

30 Mar 2023 08:30 CEST

LONDON, March 30, 2023 - Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today
reported unaudited results for the first quarter ending February 28, 2023. The
Company reported a first-quarter net profit of $99.8 million, with revenue of
$708.7 million, compared with a net profit of $95.3 million, with revenue of
$732.5 million, in the fourth quarter of 2022.

Highlights for the first-quarter 2023, compared with the fourth quarter of
2022, were:

* Stolt-Nielsen Limited (SNL) consolidated EBITDA(1) of $215.6 million, up
from $197.8 million.
* Stolt Tankers reported operating profit of $87.1 million, up from $78.2
million, largely driven by higher contract rates and improved spot volume.
* The STJS average sailed-in revenue for the quarter was $29,066 per operating
day, up 7.0% from $27,162.
* Stolthaven Terminals reported operating profit of $25.1 million, compared
with $20.8 million as operating revenue at the terminals in the US and
Brazil improved.
* Stolt Tank Containers reported operating profit of $39.3 million, down from
$44.9 million. Lower transportation and demurrage revenue was partly offset
by lower ocean freight cost and an increase in shipments.
* Stolt Sea Farm reported an operating profit before fair value adjustment of
biomass of $5.6 million, up from $3.3 million, reflecting seasonally higher
sales volumes during the Christmas season and higher prices for sole.
* Stolt-Nielsen Gas reported an operating loss of $3.4 million, compared to a
loss of
$2.9 million.
* Corporate and Other reported an operating loss of $9.2 million compared with
a loss of $10.4 million.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited,
commented: "The first quarter continued where 2022 ended, with a solid
performance from all businesses during what is typically the seasonally weakest
quarter of the year. Stolt Tankers improved on the prior quarter results as we
began to see the impact of contract renewals on our earnings. Results at
Stolthaven Terminals improved on the back of continued high utilisation,
although throughput volume was down slightly. At Stolt Tank Containers a
decrease in container liner freight rates impacted the rates we charge our
customers, and with the easing of logistics bottlenecks customers are returning
tanks more quickly, reducing demurrage revenue. For Stolt Sea Farm, the
Christmas season is our peak period, and it did not disappoint. However, as we
entered 2023, we saw a slight reduction in the volume of turbot sales as the
cost-of-living increase impacted the hospitality industry.

"The average rate increase on contract renewals by Stolt Tankers in the first
quarter was approximately 50%, a significant improvement over the fourth
quarter's 30% rate increase.  In pushing hard for improved terms, a number of
contracts were not renewed, but we continue to see most of those contract
volumes resurface in the spot market, where we have been able to fix at higher
rates - negotiations continue. With a continued favourable supply/demand balance
expected in the chemical tanker markets during the coming years we should see
continued firmness in our segment.

"At Stolthaven Terminals, tightness in the global storage market, especially for
chemicals and specialty liquids including biofuel feedstocks, has allowed for
higher storage rates. We are seeing an increase in inquiries, which indicates a
stronger storage market towards the end of the year.

"The tank container market has been holding up remarkably well. However, our
expectation in the coming months is that we will move towards normalized market
conditions.

"At Stolt Sea Farm we are seeing the impact of the increased cost-of-living on
the hospitality sector in the form of easing demand. Consequently, we continue
to expand our sales channels and geographical reach to support sales growth and
price improvements, while focusing on maintaining the good growth in our
biomass."

--------------------------------------------------------------------------------

(1) Before fair value of biological assets and other one-time items.



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

586629_Interim Accounts 1st Qtr 2023.pdf
586629_SNL - 1Q23 Earnings Release Final.pdf