Steady performance in an uncertain market
LONDON, July 9, 2026 - Stolt-Nielsen Limited (Oslo Børs ticker: SNI) today reported unaudited results for the second quarter ending May 31, 2026. The Company reported a second-quarter net profit of $51.7 million with revenue of $750.3 million, compared with a net profit of $75.2 million with revenue of $712.9 million in the second quarter of 2025. The net profit for the first half of 2026 was $99.2 million with revenue of $1,467.1 million, compared with a net profit of $226.6 million with revenue of $1,388.5 million in the first half 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 second quarter of 2026, compared with the second quarter of 2025, were:
- Stolt-Nielsen Limited (SNL) consolidated EBITDA1 of $177.3 million, down from $210.1 million.
- Earnings per share (EPS) was $0.97, down from $1.41.
- Stolt Tankers reported operating profit of $52.5 million, down from $70.5 million.
- Average deep-sea time-charter equivalent (TCE) revenue2 was $23,372 per operating day, compared to $26,220.
- Stolthaven Terminals reported record operating profit of $29.1 million, up from $28.9 million.
- Stolt Tank Containers reported an operating loss of $0.3 million, including $4.0 million of Suttons integration costs, compared to an operating profit of $12.2 million.
- Corporate and Other, including Stolt Sea Farm (SSF) and Stolt-Nielsen Gas (SNG), reported an operating profit of $12.5 million compared to an operating profit of $2.1 million.
Udo Lange, Chief Executive Officer of Stolt-Nielsen Limited, commented:
"The breadth of our global logistics network enabled us to support our chemical customers through a period of considerable disruption due to the closure of the Strait of Hormuz. Our businesses have been navigating the current uncertainty by taking a prudent, disciplined approach, which has resulted in broadly stable performance despite the market shock in the Middle East.
"Stolt Tankers saw an increase in activity with higher contract and spot volumes. Average freight rates were softer year-on-year in the quarter, and TCE was $23,372 per day, a decline of 11% compared to the second quarter last year. However, during the quarter we saw a reversal of the downwards trend, as TCE increased month-on-month across the quarter. Stolthaven Terminals delivered a record operating profit, with utilisation rising to 93.4%, as new business and firmer storage rates more than offset increases in administrative and general expenses. At Stolt Tank Containers, the integration of Suttons is progressing well and contributed to shipment growth of 21% compared to the same quarter last year. However, $4.0 million of Suttons integration expense was incurred, and combined with the overall challenging market conditions resulted in a small operating loss for Stolt Tank Containers this quarter."
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 STJS 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
