Stolt-Nielsen Limited announced its unaudited financial results for the third quarter and the nine months ending August 31, 2024. The company reported a net profit of $99.2 million on revenue of $732.8 million for the third quarter of 2024, compared to a net profit of $90.1 million on revenue of $694.4 million for the same period in 2023.

For the first nine months of 2024, the company achieved a net profit of $303.3 million with revenue totalling $2,181.3 million. This represents a significant improvement compared to the first nine months of 2023, when Stolt-Nielsen reported a net profit of $198.2 million on revenue of $2,125.0 million. The prior year’s results were affected by a $155 million loss provision related to the MSC Flaminia.

Key Highlights for Q3 2024 (compared to Q3 2023):

Stolt-Nielsen Limited consolidated EBITDA reached $215.2 million, up from $200.3 million.
Earnings per share increased to $1.85, up from $1.68.
Stolt Tankers’ operating profit surged to $107.1 million, up from $87.3 million.
Stolt Tankers’ average time-charter equivalent revenue increased by 17.3 percent, reaching $33,355 per operating day, up from $28,429.
Stolthaven Terminals’ operating profit grew to $27.4 million, compared to $26.0 million.
Stolt Tank Containers’ operating profit decreased to $16.6 million, down from $23.9 million.
Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $8.7 million, up from $6.1 million.
Stolt-Nielsen Gas narrowed its operating loss to $1.6 million, compared to a loss of $3.4 million.
Corporate and Other operations reported an operating loss of $13.1 million, similar to the $13.4 million loss in the previous year.

CEO Comments: Udo Lange, CEO of Stolt-Nielsen Limited, expressed satisfaction with the company’s robust performance in the third quarter. “We continue to demonstrate the strength of our business across key market segments, with EBITDA remaining above $200 million and near-record levels for the second consecutive quarter,” Lange said. He highlighted the strong tanker markets, driven by firm spot rates due to transit restrictions in the Red Sea, which have positively impacted Stolt Tankers’ performance.

Lange also noted the record-high average TCE earnings for Stolt Tankers, supported by strong market conditions and longer voyages in the Red Sea region. He further pointed out Stolthaven Terminals’ margin improvements due to an optimisation strategy, while Stolt Tank Containers has faced lower shipment volumes but benefited from better margins. Stolt Sea Farm’s third-quarter performance was also strong, driven by steady demand and solid pricing.

Overall, Stolt-Nielsen’s diverse business portfolio has enabled it to capitalise on market opportunities while maintaining solid financial performance.

For more information visit www.stolt-nielsen.com

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