Q3 2024 Stolt-Nielsen Ltd Earnings Call Transcript
Key Points
- Stolt-Nielsen Ltd (SOIEF) achieved near record levels of EBITDA for the second consecutive quarter, indicating strong operational performance.
- The company reported a 5.5% increase in operating revenue and a more than 9% rise in operating profit, showcasing effective cost management and margin focus.
- Stolt Tankers delivered a record high TCE per day of $33,400, reflecting a 17% growth compared to the same quarter last year.
- Stolthaven Terminals saw EBITDA increase by 3.5% year-on-year, driven by strong storage rates and margin improvements.
- Stolt Sea Farm achieved record quarterly performance in both operating profit and EBITDA, supported by higher prices and good volumes.
- The ongoing situation in the Red Sea has impacted shipping markets, leading to longer voyages and affecting cargo volumes.
- Tank container market conditions remain challenging, with competitive trading environments and reduced demurrage revenues impacting profitability.
- The International Longshoreman's Association Strike poses potential disruptions to the tank container business, with uncertain financial impacts.
- Deep-sea revenue was down 1.2% due to fewer operating days and lower volumes, partly offset by increased freight rates.
- Net interest expense increased due to higher average interest rates and lower interest income, impacting overall financial performance.
(audio in progress) Jens Gruner-Hegge, our CFO. At the end of the presentation, there will be a Q&A session where we'll be taking questions online. (Operator Instructions)
Thank you, and over to you, Udo.
Yes. Thanks, Alex, and hello to everyone here in Oslo and as well joining us online. We are really pleased to presenting our Q3 results to you today and to be able to share this with international participants online as well. I will begin our presentation with an overview of the group's results for the third quarter and share some key highlights. Jens will then cover the financial results, before handing back for me -- to me for the segmental analysis of our business, our view of the market outlook and a few closing remarks.
You might remember from the Capital Markets Day in June that at Stolt-Nielsen, we aspire to be simply the best for our shareholders, customers, and people. And I want to thank the
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