GlobeNewswire by notified

Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year 2020

Share

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 4th, 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

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Baltic Horizon Fund consolidated audited results for 202329.3.2024 10:35:00 CET | Press release

Management Board of Northern Horizon Capital AS has approved the audited financial results of Baltic Horizon Fund (the Fund) for the year 2023. The financial results remained unchanged compared to the preliminary disclosure on 15 February 2024. Executing our strategy In a challenging economic landscape characterized by inflation, interest rate volatility, and recent geopolitical events, the Fund has assessed various strategic options to navigate these complexities and ensure future growth. Over the past year, our focus has been on reshaping our strategy to foster sustainable value, concentrating efforts on avenues that promise reliable and consistent growth for our investors. In light of prevailing market conditions, we firmly believe that the execution of the ‘Modern City Life’ strategy, introduced to investors in summer 2023, is paramount to their best interests. In the coming years, we expect two thirds of the Fund’s NOI to come from the centrally located ‘Modern City Life’ multi-fu

Progress on ABN AMRO share buyback programme 22 – 28 March 202429.3.2024 08:00:00 CET | Press release

Progress on ABN AMRO share buyback programme 22 – 28 March 2024 ABN AMRO reports the transaction details related to its EUR 500 million share buyback programme announced on 14 February 2024. During the week of 22 March 2024 up to and including 28 March 2024 a total of 3,000,000 shares and depositary receipts were repurchased at an average price of €15.47 for a total amount of €46,409,760.00. For detailed information on the daily repurchased shares and depositary receipts, individual share purchase transactions and weekly reports, see the ABN AMRO website at https://www.abnamro.com/en/investor-relations/information/share-buyback-programme. To date the total consideration for shares and depositary receipts repurchased amounts to €279,519,000.00 representing 55.9% of the overall share buyback programme. ABN AMRO Press Office pressrelations@nl.abnamro.com +31 20 6288900ABN AMRO Investor Relations investorrelations@nl.abnamro.com +31 20 6282282 This press release is published by ABN AMRO Ba

Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind29.3.2024 07:00:00 CET | Press release

Press release Brussels, 29 March 2024 Regulated information – Inside information Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind On 20 November 2023, Orange Belgium SA (the “Company”) received notification from Nethys SA (“Nethys”) of its wish to contribute its 25% + 1 shareholding in VOO Holding SA (“VOO”) to the capital of the Company, provided that such contribution results in Nethys holding at least 11% of the Company's share capital (after contribution), pursuant to the provisions of the shareholders' agreement entered into by and between the Company, Atlas Services Belgium SA (“ASB”) and Nethys on 2 June 2023. Nethys can be considered a “related” party to the Company within the meaning of the IAS standards, as it has significant influence over VOO within the meaning of IAS and VOO is part of the group to which the Company belongs. Date and value of the planned t

McWhorter Foundation Combats Nelson Peltz’s Outdated Ideologies and Advocates for Sustainable Inclusivity In Corporate Leadership29.3.2024 06:59:56 CET | Press release

PALM BEACH, Calif., March 29, 2024 (GLOBE NEWSWIRE) -- C.K. McWhorter, chairman of the McWhorter Foundation, voices concerns over outdated perspectives in corporate leadership, exemplified by recent remarks from Nelson Peltz regarding Disney's film direction. After encountering instances of racism and exclusivity on Town of Palm Beach Island (known as home to Jeffrey Epstein, Nelson Peltz and others), McWhorter reflects on the disconnect between elite boardroom discussions and the realities faced by diverse communities. While briefly meeting Nelson Peltz and shaking hands after both departed separate lunches, McWhorter initially respected his insights. However, recent comments made by Peltz suggesting Disney should avoid inclusive films have raised eyebrows and prompted McWhorter to speak out. "It's concerning when influential figures like Peltz advocate against inclusivity in entertainment," McWhorter comments. "The future is in diversity and representation, especially as millennial a

Junshi Biosciences Announces 2023 Full Year Financial Results and Provides Corporate Updates29.3.2024 05:24:27 CET | Press release

SHANGHAI, China, March 29, 2024 (GLOBE NEWSWIRE) -- Shanghai Junshi Biosciences Co., Ltd (“Junshi Biosciences,” HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial results for the full year of 2023 and provided corporate updates. FINANCIAL HIGHLIGHTS Total revenue was approximately RMB1,503 million during 2023. The revenue from pharmaceutical products increased by approximately 58% compared to 2022. The sales revenue of TUOYI® (toripalimab) was approximately RMB919 million, representing an increase of approximately 25% compared to the previous year.Total research and development (“R&D”) expenses were approximately RMB1,937 million in 2023, representing a decrease of approximately 19% compared to 2022. The decrease in R&D expenses was mainly due to the strategic management of R&D investments in certain early-stage pipelines, while optimizing resource all

HiddenA line styled icon from Orion Icon Library.Eye