Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year 2020

LONDON, January 28, 2021 – Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the fourth quarter ended November 30, 2020. The Company reported a fourth-quarter net profit attributable to shareholders of $13.4 million, with revenue of $480.6 million, compared with a net profit attributable to shareholders of $29.2 million, with revenue of $474.0 million, in the third quarter of 2020. The net profit attributable to shareholders for the full year was $26.3 million, with revenue of $1,955.1 million, compared with a net profit attributable to shareholders of $21.0 million, with revenue of $2,032.1 million, in 2019.

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

• Stolt Tankers reported improved operating profit of $31.9 million, up from $28.1 million, as the negative impact of lower volumes was more than offset by a reduction in shipowning costs.
• The Stolt Tankers Joint Service Sailed-in Time-Charter Index was 0.60, compared with 0.61.
• Stolthaven Terminals reported operating profit of $8.0 million, down from $22.7 million, driven primarily by a net impairment of $8.8 million.
• Stolt Tank Containers reported operating profit of $13.9 million, down from $17.5 million, reflecting higher move-related expenses.
• Stolt Sea Farm reported an operating loss before fair value adjustment of biomass of
  $0.3 million compared with an operating loss of $0.6 million. During the quarter Stolt Sea Farm concluded the sale of its caviar business, which has been reported as a discontinued operation.
• Corporate and Other reported an operating loss of $3.5 million, mainly reflecting an increase in profit sharing and insurance accruals for deductibles, compared with a gain of $1.2 million in the prior quarter.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented: “As expected, following a relatively strong third quarter, the fourth quarter saw an easing in tanker volumes. However, Stolt Tankers’ results for the quarter improved, driven by lower ship management costs, as making crew changes has become easier in recent months. At Stolthaven Terminals, results were negatively impacted by an impairment of goodwill at the Australian terminals, but overall we continue to see steady demand. At Stolt Tank Containers, the improvements in volume that we saw towards the end of the third quarter continued, with shipments showing solid increases. Stolt Sea Farm was able to build on the price recovery that began in the third quarter, and during the fourth quarter Stolt Sea Farm successfully completed the sale of the caviar business. We also decided to explore a potential IPO of Stolt Sea Farm which we hope will make the underlying value in our company more transparent.