Stolt-Nielsen Limited reported unaudited financial results for the first quarter ending 28 February 2025, delivering a solid performance amid a challenging global backdrop. The company posted a net profit of $151.4 million on revenue of $675.6 million, compared with a net profit of $104.0 million and revenue of $707.3 million in the same quarter of 2024.

Excluding one-off gains totalling $75.2 million—related to the step-up of equity investments in Avenir LNG Limited (Avenir) and Hassel Shipping 4 the company’s net profit for the quarter stood at $76.2 million.

Key highlights for the first quarter of 2025, compared to the same period in 2024, included:

• Consolidated EBITDA decreased to $192.0 million from $210.3 million.

• Earnings per share (EPS) rose to $2.83 from $1.94. Excluding one-off gains, EPS was $1.42.

• Stolt Tankers reported an operating profit of $66.6 million, down from $93.0 million.

• STJS average time-charter equivalent (TCE) revenue declined to $27,620 per operating day from $29,944.

• Stolthaven Terminals delivered an operating profit of $28.5 million, consistent with the previous year.

• Stolt Tank Containers recorded an operating profit of $15.2 million, up from $13.3 million.

• Stolt Sea Farm reported an operating profit (before fair value adjustment of biomass) of $7.4 million, compared to $6.9 million.

• Stolt-Nielsen Gas posted an operating loss of $3.5 million, versus a loss of $2.0 million.

• Corporate and Other reported an operating loss of $10.5 million, slightly improved from a loss of $10.7 million.

Udo Lange, CEO of Stolt-Nielsen Limited, highlighted the company’s resilience amid volatility: “In an increasingly uncertain environment, the Company produced solid results with EBITDA of $192 million. While Stolt Tankers’ EBITDA fell 17 percent, our non-shipping business was up 6 percent, so overall the Company was down 9 percent—demonstrating the benefit of our diversified portfolio. The breadth of our business brings some resilience and risk mitigation in an otherwise volatile macroeconomic situation.”

Lange also acknowledged significant market uncertainties facing Stolt Tankers, particularly those driven by geopolitical factors and trade policy developments:
“Tariffs on traded goods and potential higher US port fees could significantly impact trade flows. We are closely monitoring the development of trade policies. Although TCE revenue declined to $27,620 per day, it remained 39 percent above the historical average.”

Stolthaven Terminals delivered stable performance, with utilisation continuing to trend upward, while Stolt Tank Containers benefitted from margin improvement and higher spot rates, despite a drop in volumes.

Stolt Sea Farm experienced strong Christmas sales and record-high sales prices due to tight inventories, which contributed positively to its operating profit.

During the quarter, Stolt-Nielsen continued its strategic investment activities, completing the acquisitions of the remaining 50 percent of the HS4 joint venture and an additional 48.8 percent stake in Avenir. These transactions are expected to generate an annualised EBITDA contribution of approximately $50 million, subject to market conditions.