Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year 2020 - Seite 2

“With the resurgence of the pandemic, the global economic outlook remains uncertain and therefore makes it difficult to predict the economic performance of our businesses for 2021. However, with the contract portfolio we have secured across our three logistics businesses we have limited any downside from the pandemic. With the current focus on the roll-out of vaccines we remain optimistic about the medium to long-term outlook, but in the short-term we expect volatility and uncertainty to remain.

“Our fiscal first quarter tends to be seasonally slower, as the Christmas and Chinese New Year holiday season and weather related delays impact results. At Stolt Tankers, we have seen a challenging December and January, but the favourable supply/demand outlook should provide a good foundation for continued improvements in the medium to long term. We have started taking delivery of the five 26,000 dwt ships secured in the third quarter, two of which will join our joint venture, NYK Stolt Tankers. M/T Stolt Bismuth joined our fleet on January 4^th, with the remaining four ships to be delivered over the next few months. At Stolthaven, we expect to see healthy demand in most regions. Stolt Tank Containers continues to see strong booking levels, but tight ocean carrier and trucking capacity and cancelled sailings are making it increasingly costly and time consuming to move our tanks. At Stolt Sea Farm, we have seen volume and prices return towards pre-Covid levels. However the second wave and lockdown is again negatively impacting the hospitality industry, particularly in southern Europe.

“As much uncertainty remains around the timing of the roll-out of the Covid vaccines we continue to preserve cash, while maintaining our focus on safe and reliable operations that deliver quality services and products to our customers. Our diverse portfolio of businesses, dedicated employees and forward-looking strategy mean that we are well positioned for what may come.”

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act