This article first appeared on GuruFocus .
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Group EBITDA:Just over $180 million for the first quarter of 2026.
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Operating Revenue:$717 million, up 6% compared to the same period last year.
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Operating Profit:$82 million, down 24% year-over-year.
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Net Profit:$47.5 million for the quarter.
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Free Cash Flow:Nearly $120 million, significantly higher than the same period last year.
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Net Debt-to-EBITDA Ratio:Improved to 3.02 times from 3.12 times last quarter.
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Stolt Tankers Operating Revenue:$386 million, down 5.5% year-over-year.
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Stolthaven Terminals Operating Revenue:$79 million, up 4% year-over-year.
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Stolt Tank Containers Operating Revenue:$184 million, up 20% year-over-year.
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Capital Expenditures:$42 million for the quarter, with a full-year expectation of around $300 million for 2026.
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Available Liquidity:$546 million at the end of the quarter.
Release Date: April 09, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Stolt-Nielsen Ltd ( SOIEF ) achieved a solid first quarter with group EBITDA of just over $180 million, showcasing the strength of its diversified business model.
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The Stolthaven Terminals business had its second-highest ever quarter in terms of operating profit, demonstrating strong performance outside the tanker segment.
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The company maintains robust liquidity with $546 million available, and a net debt-to-EBITDA ratio improved slightly to 3.02 times.
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Stolt-Nielsen Ltd ( SOIEF ) announced a strategic joint venture with NYK Line, selling a 50% equity stake in Avenir LNG, which helps preserve balance sheet flexibility.
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Free cash flow was nearly $120 million for the quarter, significantly higher than the same period last year, indicating strong cash generation capabilities.
Negative Points
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Operating profit was $82 million, down 24% compared to last year, mainly due to weaker performance in store tankers and tank containers.
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Net profit decreased to $47.5 million, influenced by higher interest expenses and additional depreciation from acquisitions.
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Stolt Tank Containers recorded an operating loss of $5 million, driven by weaker transportation margins and integration costs related to Suttons.
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The company withdrew its previously issued EBITDA guidance for 2026 due to uncertainties related to the conflict in the Middle East.
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The average deep-sea TCE revenue for store tankers declined by 14.5% year-on-year, reflecting ongoing weaker freight rates.
Q & A Highlights
Q: Could you provide more comment around the rationale for removing the EBITDA guidance and when you might resume it? A: Jens Gruener-Hegge, CFO: The current unpredictable situation makes it challenging to provide meaningful EBITDA guidance. Once conditions normalize, we will reconsider offering guidance. Udo Lange, CEO, added that the value of guidance is diminished when the range becomes too broad or uncertain, similar to the COVID period.
Q: Regarding Tank Containers, where do the integration costs sit in the line items, and can you comment on SG&A more broadly? A: Jens Gruener-Hegge, CFO: Integration costs are in SG&A, amounting to about $5 million in the first quarter. Inflationary expenses have impacted SG&A, and the market remains tough, requiring close expense management.
Q: Can you provide more insight into the current state of the Tank Containers market and potential improvements? A: Udo Lange, CEO: The market is challenging due to oversupply and added pressure from the Middle East situation. We focus on customer value, margin management, and operational efficiency. The Suttons integration is progressing, but market changes are uncertain.
Q: There was an uptick in depreciation due to changes in residual values driven by steel prices. Is this a new run rate for tanker depreciation? A: Jens Gruener-Hegge, CFO: We adjust residual values based on steel prices annually, setting the depreciation level for the following year. The recent increase should remain steady unless there are significant asset base changes.
Q: Can you provide details on the proceeds from the Avenir sell-down and how they will be allocated? A: Jens Gruener-Hegge, CFO: The sales price is confidential, but the debt has been removed from our balance sheet, reducing future CapEx by approximately $120 million. Udo Lange, CEO, added that the deal accelerates strategic ambitions and strengthens the balance sheet.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
