Q2 2024 Stolt-Nielsen Ltd Earnings Call Transcript
Key Points
- Stolt Tankers achieved a record high average TCE rate, growing 9.7% versus last quarter.
- The company completed a new $450 million note issue in the US private placement market, ensuring ample liquidity.
- Stolt Sea Farm delivered an outstanding quarter with strong prices and stable production volumes.
- The company saw a significant increase in shipment volumes for Stolt Tank Containers, achieving an all-time record.
- Stolt-Nielsen Ltd (SOIEF) maintained a strong balance sheet and continued focus on cash flow generation.
- Adjusted operating results were down compared to the same time last year due to a return to pre-COVID margins at Stolt tank containers.
- Operating profit and net profit both declined 12% year on year mainly due to lower operating results in Stolt tank containers and higher time charter expenses, bunker costs, and ship management costs in Stolt Tankers.
- Utilization at Stolthaven Terminals fell compared to Q2 2023 as tanks were freed up for higher-margin business.
- Operating expenses increased due to inflationary pressures and higher interest rates on floating rate debt.
- The company experienced a negative cash flow during the quarter of $245 million due to the Flaminia payment.
Good afternoon and welcome to Stolt-Nielsen's second quarter 2024 results. As always, the earnings release and related materials are available on our website. We will also be recording this session, and it will be available from tomorrow. Included in this presentation are various forward-looking statements. Such forward looking statements are subject to risks and uncertainties, and we'll refer you to our latest annual report for further details.
I'm Alex Ng, Vice President of Corporate Development and Strategy. Joining me today are Udo Lange, CEO; and Jens Grüner-Hegge, CFO. At the end of the presentation, there'll be a Q&A session where we'll be taking questions online. To ask a question, simply type into the Q&A function on the right-hand side of your screen. Thank you and over to you, Udo.
Thanks, Alex, and good day to everyone joining us online. Today, I will begin with a review of the group's results for
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