In its financial report for the third quarter of 2026, Stolt-Nielsen presented results that were in line with expectations, but slightly lower than its own estimates. The company achieved a net profit of $15.4 million through the sale of 50% of its stake in Avenir LNG. Despite rising market rates in Stolt Tankers, high fuel costs and declining market volumes had a negative impact on the company's results.
Financial Performance and Net Profit
During this period, Stolt-Nielsen recorded revenue of $776.5 million, slightly above our forecasts and market consensus. Adjusted EBITDA reached $184.4 million, which was in line with market consensus but 4.5% lower than our estimate of $194.1 million. Operating profit for Stolt Tankers was reported at $52.1 million, down from $57.2 million in the third quarter of 2025 and below our forecast of $63 million.
Impact of Fuel Costs and Declining Volumes
While spot rates in the deep sea increased by 40.5% compared to last year, fuel costs rose to $718 per ton (compared to $500 in the third quarter of 2025), and spot volumes decreased by 22.1%. The average TCE income in deep sea was $24,121 per operational day, reflecting a 2.9% decrease compared to last year and a 3.2% increase compared to the previous quarter. Additionally, Stolt-Nielsen was able to achieve a stable operating profit of $27.1 million through Stolt-Haven Terminals, with a utilization rate of 93.6%.
Stolt Tank Containers also reported an operating profit of $13.1 million, indicating a return to profitability compared to a loss of $0.3 million in the second quarter of 2026. In this context, the company's net debt decreased to $2,113.5 million, resulting from the non-consolidation of Avenir LNG.
Future Outlook and Challenges
Existing market challenges, particularly in the Middle East, continue to impact the market, and outlooks are limited. While the crude oil and petroleum products market appears strong, the chemical tanker market has only captured part of this trend. The need to rebuild inventories may support demand, but existing constraints in raw material supply and high energy prices pose risks. It is expected that Stolt Tankers will be slightly weaker in the fourth quarter of 2026 compared to the third quarter of 2026.
Stolthaven Terminals is also expected to remain in line with the average of past quarters. However, Stolt Tank Containers will continue to maintain its margins, although volumes will decline due to the season. Overall, revenues for the fourth quarter of 2026 are expected to be slightly lower than those of the third quarter of 2026.
