Stolt-Nielsen Limited Reports Unaudited Results For The Second Quarter And First Half Of 2022
30 Giugno 2022 - 8:30AM
UK Regulatory
TIDMSNI
LONDON, June 30, 2022 -- Stolt-Nielsen Limited (Oslo Børs: SNI)
today reported unaudited results for the second quarter and first
half of 2022. The Company reported a second-quarter net profit
attributable to shareholders of $58.6 million, with revenue of
$689.1 million, compared with a net profit of $52.3 million, with
revenue of $606.2 million, in the first quarter. The net profit
attributable to shareholders for the first half of 2022 was $110.9
million, with revenue of $1,295.3 million, compared with a net
profit attributable to shareholders of $10.3 million, with revenue
of $1,007.1 million, in the first half of 2021.
Highlights for the second quarter, compared with the first
quarter of 2022, were:
-- Stolt Tankers reported operating profit of $40.8 million, up from $25.0
million driven by improved volumes, higher utilisation and increasing
spot rates, partly offset by higher net bunker costs.
-- The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index
increased from 0.52 to 0.56. The STJS sailed-in revenue for the quarter
was $20,772 per operating day based on an average ship size of 31,550
deadweight tonnes (DWT), up from $18,786.
-- Stolthaven Terminals reported operating profit of $25.7 million, up from
$22.0 million. The improvement in results was driven by higher throughput
and storage revenue following an increase in utilisation as well as a
gain on the sale of a terminal in Australia.
-- Stolt Tank Containers (STC) reported operating profit of $44.7 million,
up from $40.0 million, reflecting increased shipments and higher
demurrage revenue.
-- Stolt Sea Farm reported an operating profit, before fair value adjustment
of biomass, of $4.7 million compared with $6.5 million, reflecting lower
turbot volumes sold following the seasonally strong first quarter, while
sales prices for both turbot and sole remained firm.
-- Stolt-Nielsen Gas reported an operating loss of $1.8 million, compared to
an operating profit of $3.6 million. The previous quarter included a $4.7
million gain from our share of the sale of a 20,000-cbm newbuilding by
Avenir LNG.
-- Corporate and Other reported an operating loss of $5.9 million compared
with a loss of $4.7 million. The increased loss was due to higher profit
sharing and other employee benefit expenses.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen
Limited, commented: "The second quarter net profit is the Company's
highest since 2007, which is encouraging considering we recognised
an $11.1 million write-off of debt issuance costs and hedge losses
related to the refinancing of the revolving credit line, our main
liquidity tool. The second quarter continued where the first
quarter ended with growing demand and a shrinking orderbook for new
ships, with the positive momentum continuing to build in the
chemical tanker market. Our tanker trading team is standing firm on
contract renewals and spot fixtures to capitalise on the tightening
market, and we are moving in the right direction. However,
considering the historically low freight levels and weak returns
that the chemical tanker industry has seen for many years now, we
still have a long way to go until our returns through the cycle are
sufficient to attract long-term capital for further investments in
newbuildings. At Stolt Tank Containers the team has been highly
successful in securing space on ships in a very tight market,
ensuring our customers' products can reach their customers, and in
the process have been able to produce another quarter with record
results. At Stolthaven Terminals the increase in utilisation has
allowed us to drive up margins in a tightening storage market. And
at Stolt Sea Farm, maintaining prices in a challenging market has
delivered a continuation of the good underlying operating
results.
"I expect our positive momentum to carry through the rest of the
year. Stolt Tankers should continue to see rising freight rates
that will outpace the rise in fuel costs. STC may see demand fall
off slightly due to high transportation costs driven by supply
chain bottlenecks, but should still enjoy good margins throughout
this year. At Stolthaven Terminals, high utilisation will have a
positive impact on margins for the rest of the year. And at Stolt
Sea Farm the summer months are typically accompanied by higher
demand for quality seafood.
"Although we are starting to enjoy improving returns on our
investments, we cannot ignore the many external challenges that lie
ahead. The war in Ukraine is increasingly impacting energy
supplies, particularly in Europe. Excess liquidity in the private
sector following many years of quantitative easing, together with
post-pandemic demand, has driven up inflation, which is now being
amplified by rapidly rising oil and gas prices. To curb inflation
central banks are raising interest rates, which, if taken too far,
will inevitably lead to a global recession. We are monitoring the
potential impact these factors could have on our businesses. We
remain cautious when making new investments, ensuring that the
return hurdles account for higher inflation and funding costs in
the future, and we are maintaining our focus on debt reduction to
strengthen the balance sheet and continue to favour fixed rate
loans to protect our cash flow against rising interest rates."
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachments
-- Interim Accounts 2nd Qtr 2022
https://ml-eu.globenewswire.com/Resource/Download/0a60bb7b-73ac-44cf-8c8d-2ef640f17678
-- SNL - 2Q22 Earnings Release
https://ml-eu.globenewswire.com/Resource/Download/59492138-dd2c-499f-b79f-5e14a97dee2b
(END) Dow Jones Newswires
June 30, 2022 02:30 ET (06:30 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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