0OHK Stolt-nielsen Ltd

 
TIDMSNI 
 
 
   LONDON, January 28, 2021 -- Stolt-Nielsen Limited (Oslo Børs: SNI) 
today reported unaudited results for the fourth quarter ended November 
30, 2020. The Company reported a fourth-quarter net profit attributable 
to shareholders of $13.4 million, with revenue of $480.6 million, 
compared with a net profit attributable to shareholders of $29.2 million, 
with revenue of $474.0 million, in the third quarter of 2020. The net 
profit attributable to shareholders for the full year was $26.3 million, 
with revenue of $1,955.1 million, compared with a net profit 
attributable to shareholders of $21.0 million, with revenue of $2,032.1 
million, in 2019. 
 
   Highlights for the fourth quarter, compared with the third quarter of 
2020, were: 
 
 
   -- Stolt Tankers reported improved operating profit of $31.9 million, up 
      from $28.1 million, as the negative impact of lower volumes was more than 
      offset by a reduction in shipowning costs. 
 
   -- The Stolt Tankers Joint Service Sailed-in Time-Charter Index was 0.60, 
      compared with 0.61. 
 
   -- Stolthaven Terminals reported operating profit of $8.0 million, down from 
      $22.7 million, driven primarily by a net impairment of $8.8 million. 
 
   -- Stolt Tank Containers reported operating profit of $13.9 million, down 
      from $17.5 million, reflecting higher move-related expenses. 
 
   -- Stolt Sea Farm reported an operating loss before fair value adjustment of 
      biomass of $0.3 million compared with an operating loss of $0.6 million. 
      During the quarter Stolt Sea Farm concluded the sale of its caviar 
      business, which has been reported as a discontinued operation. 
 
   -- Corporate and Other reported an operating loss of $3.5 million, mainly 
      reflecting an increase in profit sharing and insurance accruals for 
      deductibles, compared with a gain of $1.2 million in the prior quarter. 
 
 
   Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, 
commented: "As expected, following a relatively strong third quarter, 
the fourth quarter saw an easing in tanker volumes. However, Stolt 
Tankers' results for the quarter improved, driven by lower ship 
management costs, as making crew changes has become easier in recent 
months. At Stolthaven Terminals, results were negatively impacted by an 
impairment of goodwill at the Australian terminals, but overall we 
continue to see steady demand. At Stolt Tank Containers, the 
improvements in volume that we saw towards the end of the third quarter 
continued, with shipments showing solid increases. Stolt Sea Farm was 
able to build on the price recovery that began in the third quarter, and 
during the fourth quarter Stolt Sea Farm successfully completed the sale 
of the caviar business. We also decided to explore a potential IPO of 
Stolt Sea Farm which we hope will make the underlying value in our 
company more transparent. 
 
   "With the resurgence of the pandemic, the global economic outlook 
remains uncertain and therefore makes it difficult to predict the 
economic performance of our businesses for 2021. However, with the 
contract portfolio we have secured across our three logistics businesses 
we have limited any downside from the pandemic. With the current focus 
on the roll-out of vaccines we remain optimistic about the medium to 
long-term outlook, but in the short-term we expect volatility and 
uncertainty to remain. 
 
   "Our fiscal first quarter tends to be seasonally slower, as the 
Christmas and Chinese New Year holiday season and weather related delays 
impact results. At Stolt Tankers, we have seen a challenging December 
and January, but the favourable supply/demand outlook should provide a 
good foundation for continued improvements in the medium to long term. 
We have started taking delivery of the five 26,000 dwt ships secured in 
the third quarter, two of which will join our joint venture, NYK Stolt 
Tankers. M/T Stolt Bismuth joined our fleet on January 4(th) , with the 
remaining four ships to be delivered over the next few months. At 
Stolthaven, we expect to see healthy demand in most regions. Stolt Tank 
Containers continues to see strong booking levels, but tight ocean 
carrier and trucking capacity and cancelled sailings are making it 
increasingly costly and time consuming to move our tanks. At Stolt Sea 
Farm, we have seen volume and prices return towards pre-Covid levels. 
However the second wave and lockdown is again negatively impacting the 
hospitality industry, particularly in southern Europe. 
 
   "As much uncertainty remains around the timing of the roll-out of the 
Covid vaccines we continue to preserve cash, while maintaining our focus 
on safe and reliable operations that deliver quality services and 
products to our customers. Our diverse portfolio of businesses, 
dedicated employees and forward-looking strategy mean that we are well 
positioned for what may come." 
 
   This information is subject to the disclosure requirements pursuant to 
Section 5-12 the Norwegian Securities Trading Act 
 
   Attachments 
 
 
   -- Interim Accounts 4th Qtr 2020 
      https://ml-eu.globenewswire.com/Resource/Download/be60d46f-d8cb-491c-91c8-f644ae4a0ccd 
 
 
   -- SNL - 4Q20 Earnings Release 
      https://ml-eu.globenewswire.com/Resource/Download/b4c34214-7019-4593-a7fc-0c598bc352bc 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

January 28, 2021 02:30 ET (07:30 GMT)

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