The Oslo-listed Stolt-Nielsen reported a fourth-quarter net profit of $95.3 million, with revenue of $732.5 million, compared with a net profit of $74.7 million, with revenue of $744.0 million, in the third quarter.
As the company announces, the net profit for the full year was $280.9 million, with revenue of $2,771.8 million, compared with a net profit of $78.8 million, with revenue of $2,181.1 million, in 2021. The Ebitda for the full year 2022 was $715.3 million, up from $536.6 million in 2021.
The Norwegian company saw an improvement in Stolt Tankers net profit for the fourth consecutive quarter as chemical tanker spot rates and volumes continued to improve.
The company also said that the average rate increase on the contracts renewed in the fourth quarter, was approximately 30%, which will have a positive impact on company´s future earnings. About 16% of the company´s contract portfolio has not been renewed, as some customers were not prepared to accept the increases.
As the company´s CEO, Niels G. Stolt-Nielsen said in a statement, “Stolt Tankers net profit improved for the fourth consecutive quarter as chemical tanker spot rates and volumes continued to improve. The results at Stolthaven Terminals remained unchanged. Continued improvements at our Houston and New Orleans terminals in the US were offset by softness in other regions, most notably Europe. Stolt Tank Containers, the star performer of 2022, delivered another strong quarter following their success at maintaining margins as container liner freight rates declined. At Stolt Sea Farm, seasonality is reflected in the weaker fourth quarter results, where focus was on production and preparations for the peak Christmas season sales during December.”
The company´s CEO also expects with the little or no growth in the global chemical tanker fleet in the next few years, and newbuilding orders not available for delivery prior to 2026, to continue strengthening their tanker markets.