This article first appeared on GuruFocus .
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Revenue:$750 million, up 5% year-over-year.
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EBITDA:$177 million, down 16% year-over-year.
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Operating Profit:$94 million, down $70.5 million year-over-year.
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Net Profit:$52 million, down 31% year-over-year.
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Free Cash Flow:$100 million.
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Net Debt-to-EBITDA:3.16x.
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Stolt Tankers Revenue:$409 million, down 3% year-over-year.
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Stolthaven Terminals Revenue:$82 million, up 3% year-over-year.
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Stolthaven Terminals Utilization:93.4%, up 1.3 percentage points year-over-year.
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Stolt Tankers TCE per Operating Day:$23,372, down 11% year-over-year.
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Dividend:Final dividend of $1 per share paid in May, total dividend for 2025 was $2 per share.
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Capital Expenditures:$34 million for the quarter, expected $290 million for 2026.
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Total Cash Flow:Negative $38.5 million for the quarter.
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Available Liquidity:$495 million at quarter end.
Release Date: July 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 ) delivered a steady performance in Q2 despite significant market disruptions in the Middle East.
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Group EBITDA was strong at $177 million, showcasing the company's resilience and diversified business model.
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Stolthaven Terminals achieved its highest ever quarterly operating profit, contributing significantly to group EBITDA.
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The company launched a new digital innovation center in Hyderabad, enhancing data and AI capabilities.
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A final dividend of $1 per share was paid in May, bringing the total dividend for 2025 to $2 per share.
Negative Points
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EBITDA decreased by 16% year over year, impacted by softer tanker rates and integration costs.
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Operating profit fell by $70.5 million year-over-year due to lower contract freight rates and integration costs.
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Net profit declined by 31%, driven by lower freight rates and FX losses.
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Stolt Tankers experienced an 11% decline in TCE per operating day compared to the prior year.
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The market visibility remains unclear, and the company has not reinstated earnings guidance due to ongoing volatility.
Q & A Highlights
Q: Can you provide more details on the STC turnaround process and the integration of Suttons? A: Udo Lange, CEO, explained that the STC turnaround involves a profit improvement plan focusing on commercial strategies, improved utilization, cost reduction, and better supplier rates. The last month of the quarter showed positive results, and the Suttons integration is progressing well, with most one-off costs already accounted for.
Q: What is the company's stance on shareholder distributions and potential share buybacks? A: Jens Gruener-Hegge, CFO, stated that any share buyback would be discussed with the Board. A program approved in 2025 is in place, and decisions will be announced to the market when made.
Q: Do you expect the positive momentum in Stolt Tanker rates to continue into Q3 and Q4? A: Udo Lange, CEO, mentioned that while Q3 is expected to maintain strong performance with rates around $24,500 per day, visibility for Q4 is unclear due to geopolitical uncertainties in the Middle East.
Q: Can you provide an update on the Avenir transaction? A: Alex Ng, CFO-Designate, noted that the sale of 50% of Avenir to NYK is expected to close in the middle of the year, pending relevant approvals and conditions.
Q: How has the closure of the Strait of Hormuz impacted the company's operations? A: Udo Lange, CEO, highlighted that the closure caused significant disruption, but the company's diversified business model helped absorb the shock. The situation remains volatile, and the company is cautious about providing earnings guidance until normal trading resumes.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
