Stolt-Nielsen Limited Reports Unaudited Results For the Third Quarter and First Nine Months of 2020

LONDON, October 8, 2020 – Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the third quarter ended August 31, 2020. The Company reported a third-quarter net profit attributable to shareholders of $29.2 million, with revenue of $474.0 million, compared with a net profit attributable to shareholders of $3.6 million, with revenue of $503.5 million, in the second quarter of 2020. The net profit attributable to shareholders for the first nine months was $12.9 million, with revenue of $1,474.5 million, compared with a net profit attributable to shareholders of $15.2 million, with revenue of $1,536.2 million, for the first nine months of 2019.

Highlights for the third quarter, compared with the second quarter of 2020, were:

• Net profit from continuing operations was $30.5 million in the third quarter with an EBITDA of $143.5 million, up from a net profit of $12.3 million and EBITDA of $123.1 million, mainly driven by healthy volumes, lower fuel prices in Stolt Tankers and Stolt Tank Containers and overall lower administrative and general expenses.
• Stolt Tankers reported improved operating profit of $28.1 million, up from $20.0 million, as lower bunker costs and improved results from bunker hedging more than offset a reduction in revenue, which was mainly due to fewer operating days and lower freight rates driven by the lower bunker prices.
• The Stolt Tankers Joint Service Sailed-in Time-Charter Index rose to 0.61 from 0.56.
• Stolthaven Terminals reported operating profit of $22.7 million, up from $19.2 million. Underlying business performance improved slightly, while one-off losses in the second quarter  and gains in the third quarter added to the improvement in results.
• Stolt Tank Containers reported operating profit of $17.5 million, up from $13.0 million, reflecting lower move-related expenses.
• Stolt Sea Farm reported an operating loss before fair value adjustment of biomass of
  $0.6 million compared with an operating loss of $5.0 million, as sales volumes of all species recovered significantly in the third quarter. The prior quarter included impairments of
  $1.8 million.
• Corporate and Other reported operating profit of $1.2 million, down from $2.7 million, mainly reflecting a higher profit-sharing accrual.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented: “During the third quarter all of our divisions generated improved results in the face of continued challenges brought on by the Covid pandemic. While the global economic outlook remains uncertain, we are cautiously optimistic about the fourth quarter and beyond, based on the contract portfolio we have secured across our three logistics businesses.