GlobeNewswire by notified

Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year 2021

Share

LONDON, January 27, 2022 – Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the fourth quarter and full year 2021. The Company reported a fourth-quarter net profit of $35.0 million, with revenue of $593.1 million, compared with a net profit of $33.5 million, with revenue of $580.9 million, in the third quarter. The net profit for the full year 2021 was $78.8 million, with revenue of $2,181.1 million, compared with a net profit from continuing operations of $39.2 million, with revenue of $1,955.1 million, in 2020.

Highlights for the fourth quarter, compared with the third quarter of 2021, were:

  • Stolt Tankers reported operating profit of $19.2 million, down from $24.1 million due to weaker COA volumes and rising voyage expenses.  
  • The Stolt Tankers Joint Service (STJS) Sailed-in Time-Charter Index reduced slightly from 0.53 to 0.51. The STJS sailed-in revenue for the quarter was $18,438 per operating day basis an average size per ship of 31,694 deadweight tonnes (DWT), marginally down from $18,795.
  • Stolthaven Terminals reported operating profit of $8.4 million, down from $19.8 million as a result of a $10.0 million impairment of the Australian terminals, while the other terminal locations continued to perform well.
  • Stolt Tank Containers reported operating profit of $36.4 million, up from $24.7 million, reflecting improved transportation margin and higher demurrage revenue.
  • Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of
    $5.3 million compared with an operating profit of $3.5 million, reflecting continued high volume and improved sales prices for both turbot and sole.
  • Corporate and Other reported an operating loss of $0.1 million compared with a loss of $2.3 million.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented: “The strong performance and market conditions that we saw in the third quarter at both Stolt Tank Containers and Stolt Sea Farm continued through the fourth quarter. At Stolt Tankers lower volumes and higher voyage expenses reduced our trading margins. The underlying steady operating performance and long-term build-up in value at Stolthaven Terminals was overshadowed by the impairment of the Newcastle terminal in Australia. For terminals overall there was further improvement in utilisation, although lower throughput volumes reflected modest dockside activity. Stolt Tank Containers’ markets strengthened, with rising freight rates and higher demurrage revenue compensating for the rising costs. At Stolt Sea Farm the strong demand for both turbot and sole continued after the peak summer season with prices for both species continuing to firm.

“I am positive about the 2022 market outlook for all our businesses. Although the first quarter tends to be our seasonally weakest quarter, initial signs are that volumes and rates in all three logistics businesses are holding or even improving. Stolt Tankers’ markets are poised to strengthen as the delivery rate of newbuildings slows down and volumes increase. At Stolthaven Terminals utilisation continued to firm during the quarter, and with higher utilisation I expect higher rates to follow. The market for Stolt Tank Containers continues to look strong, with good demand and inefficiencies in the supply chain causing capacity tightness, improving margin per shipment. At Stolt Sea Farm, biomass growth is strong for both turbot and sole, putting us in a good position to meet growing demand as we continue to expand the geographic scope of our customer base.

“Following further deliveries, our joint venture, Avenir LNG, now operates four modern LNG tankers with bunkering capability and one LNG terminal in Sardinia. During the quarter one of the two 20 000 CBM ships under construction was sold with a nice profit and the other one was put on a three-year charter to Shell.”

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

Robex Announces Share Consolidation29.3.2024 00:30:00 CET | Press release

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES QUEBEC CITY, March 28, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. ("Robex" or the "Company") (TSXV: RBX) announces today that its Board of Directors has approved the implementation of the consolidation of the issued and outstanding common shares of the Company approved by its shareholders on June 29, 2023, on the basis of one (1) post-consolidation common share for ten (10) pre-consolidation common shares (the "Consolidation"), which will take effect on April 1st, 2024 (the "Effective Date"). As a result, the Company's consolidated shares are expected to commence trading on the TSX Venture Exchange a few days after the Effective Date. After the Consolidation, the shares will have a new CUSIP number and a new ISIN number. The Consolidation will reduce the number of issued and outstanding common shares of the Company from approximately 844,054,403 common shares to 84,405,449 common shares upon complet

Golar LNG Limited - Announcement of filing of Form 20-F Annual Report28.3.2024 22:47:27 CET | Press release

Golar LNG Limited announces that it has filed its Form 20-F for the year ended December 31, 2023 with the Securities and Exchange Commission in the U.S. Form 20-F can be downloaded from the link below, is available on our website (www.golarlng.com) and shareholders may receive a hard copy free of charge upon request. March 28, 2024 The Board of Directors Hamilton, Bermuda Enquiries: Golar Management Limited: + 44 207 063 7900 Stuart Buchanan This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachment GLNG 2023 Annual Report Form 20-F

Magna Posts 2023 Annual Report28.3.2024 22:26:07 CET | Press release

AURORA, Ontario, March 28, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced that its 2023 Annual Report, including Management’s Discussion and Analysis and Audited Consolidated Financial Statements, Annual Information Form (AIF) and Form 40-F, are now available on the company’s website, www.magna.com. Magna has also filed these documents with the Canadian Securities Administrators (accessible through its website at www.sedarplus.ca) and the U.S. Securities and Exchange Commission (accessible through its website at www.sec.gov/edgar). Our 2024 Annual Meeting of Shareholders will be held on Thursday, May 9, 2024, commencing at 10:00 a.m. (Eastern Daylight Time). The meeting is being conducted as a virtual-only meeting accessible at www.virtualshareholdermeeting.com/MGA2024. Magna will provide a paper copy of its audited financial statements as contained in our 2023 Annual Report to Shareholders, free of charge, on request through our website, www.mag

Fortuna files Form 40-F, Annual Report28.3.2024 22:00:00 CET | Press release

VANCOUVER, British Columbia, March 28, 2024 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports that the Company has filed today its fiscal 2023 annual report on Form 40-F with the U.S. Securities and Exchange Commission (“SEC”). The Form 40-F, which includes the Company’s fiscal 2023 annual audited financial statements, management’s discussion and analysis, and annual information form, is available on the Company’s website and on the SEC´s website. Printed copies of the annual financial statements are available free of charge to Fortuna shareholders upon written request. About Fortuna Silver Mines Inc. Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental p

Nokia Corporation: Repurchase of own shares on 28.03.202428.3.2024 21:30:00 CET | Press release

Nokia Corporation Stock Exchange Release 28 March 2024 at 22:30 EET Nokia Corporation: Repurchase of own shares on 28.03.2024 Espoo, Finland – On 28 March 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL467,1243.29CEUX--BATE--AQEU--TQEX--Total467,1243.29 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of

HiddenA line styled icon from Orion Icon Library.Eye