Navigating elevated market disruption
LONDON, April 9, 2026 - Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the first quarter ending February 28, 2026. The Company reported a first-quarter net profit of $47.5 million with revenue of $716.8 million, compared with a net profit of $151.4 million with revenue of $675.6 million in the first quarter of 2025, which included $75.2 million in one-off gains related to the step-up of equity investments in Avenir LNG Limited (Avenir LNG) and Hassel Shipping 4 (HS4).
Highlights for the first quarter of 2026, compared with the first quarter of 2025, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $180.8 million, down from $187.8 million.
- Earnings per share (EPS) was $0.89, down from $2.83.
- Stolt Tankers reported operating profit of $50.3 million, down from $66.6 million.
- The STJS average time-charter equivalent (TCE) revenue2 was $23,627 per operating day, compared to $27,620.
- Stolthaven Terminals reported operating profit of $28.6 million, in line with the same quarter last year.
- Stolt Tank Containers reported operating loss of $5.2 million, including $5.1 million of Suttons integration costs, compared to an operating profit of $15.2 million.
- Corporate and Other, including Stolt Sea Farm (SSF) and Stolt-Nielsen Gas (SNG), reported an operating profit of $8.1 million compared to a loss of $2.4 million.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:
"In the first quarter of 2026, we delivered revenue of $716.8 million and EBITDA1 of $180.8 million. Our non-tanker portfolio contributed a 44% share of EBITDA, demonstrating the benefit of our diversified business model. The recent conflict in the Middle East has had no impact on this quarter's results and none of our ships are locked in the Strait of Hormuz.
"Stolt Tankers saw increased spot and contract volumes. However, due to ongoing weaker freight rates, TCE earnings dropped 15% to $23,627 per day. Stolthaven Terminals' performance remained strong and steady with stable utilisation and rate increases offsetting inflationary cost increases, delivering their second highest quarterly operating profit ever. Stolt Tank Containers saw shipments increase 31%, however, operating profit fell year-on-year and was breakeven, due to a tough competitive environment, before Suttons integration costs of $5.1 million.
"We continue to strengthen our portfolio. Strategically, we are excited to have formed a joint venture with Nippon Yusen Kabushiki Kaisha (NYK Line) in Avenir LNG, which will result in a sale of 50% of the equity to NYK Line and the deconsolidation of Avenir LNG from SNL's balance sheet, reducing our debt and capex commitments in the process. With this partnership, Stolt-Nielsen and NYK Line will expand their future small-scale LNG and LNG bunkering opportunities through the joint venture. Our Stolthaven Terminals joint venture in Kaohsiung, Taiwan, commenced operations with more than 60k cubic metres of storage.
"We are closely monitoring the conflict in the Middle East and the effect on transits through the Strait of Hormuz. While this introduces new complexities to global supply chains, we are thankful that our people remain safe and our assets are not impacted as our network continues to adapt. In this backdrop of elevated uncertainty, we are activating operational and financial levers in each of our businesses: using our global logistics network to support our customers, whilst maintaining strict cost discipline and managing capital allocation for flexibility and long-term value creation."
1 Before fair value of biological assets, gain (loss) on sales of assets and other one-time, non-cash items.
2 TCE revenue per operating day refers to deep-sea sailed-in revenue per day, which is calculated as voyage revenue less voyage related expenses and trading overhead expense, divided by total operating days during the period.
