Stolt-Nielsen Ltd (SOIEF) Q4 2022 Earnings Call Transcript

Feb. 05, 2023 4:28 AM ETStolt-Nielsen Limited (SOIEF)
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Stolt-Nielsen Ltd (OTCPK:SOIEF) Q4 2022 Earnings Conference Call February 2, 2023 9:00 AM ET

Company Participants

Niels Stolt-Nielsen - CEO & Director

Jens Gruner-Hegge - CFO

Conference Call Participants

Niels Stolt-Nielsen

Okay. Good afternoon, and good morning, and thank you for joining us for our Fourth Quarter 2022 Earnings Release. Today, it will be presented by myself, Niels Stolt-Nielsen, and Jens Gruner-Hegge, our CFO.

The normal agenda, we will go through the fourth quarter results, take you through the highlights of Stolt-Nielsen Limited. I'll go through each of the businesses. Jens will take you through the financials, and then we'll open up for question and answers. I believe you can both call in or you can send messages through.

Yes. So if we go to Slide 4, the fourth quarter highlights. It was a strong quarter, giving us a record year for our company, a record year at least as long as I've been CEO. The net profit came in at $95.3 million, that is up from $74.7 million in the third quarter of '22. And the increase that we saw in the quarter was primarily driven by the improvements that we saw in the Tanker Trading division. EBITDA came in at $196 million, and that is up from $184.4 million. Again, strong tanker results due to higher spot rates and also higher volumes. Terminals, marginally lower results due to softness in the European market, but that was offset by higher utilization, partly offset by higher utilization in our U.S. terminals. Tank Containers had another strong quarter, and that's reflecting the success they've had in maintaining margin against a backdrop of declining ocean freight rates.

I will be talking more about that, of course. Still Sea Farm, the lower results, excluding fair value due to the seasonality, you have to remember the fourth quarter ends

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