Stolt-Nielsen Limited

Solid quarter; non-tanker diversification is the key support - Group EBITDA (pre fair value): $194m, +1.3% YoY (steady in a “generally difficult market”). - Operating revenue: $770.7m, +11% YoY, driven mainly by higher Tanker and STC Tank Container revenues. - Net profit: $84m, +32% YoY, helped by a $15.4m one-off gain from the partial sale of Avenir LNG. - Non-tankers = ~50% of group EBITDA (up from ~45% a year ago) → management highlights this as real earnings resilience. - Cash & balance sheet: free cash flow $292m; liquidity $660m; net debt/EBITDA 2.86x (improving from 2.94x YoY and 3.6x in Q2).

STC Tank Containers rebound strongly; Suttons integration progressing - Stolt Tank Containers (STC): revenue nearly $260m, +30% YoY; shipment volumes 48,036, +25.6% YoY (mainly Suttons consolidation). - Returned to profit: EBITDA $31m, +12% YoY; operating profit $13m (includes ~$0.3m integration costs). - Surprising/positive: quarter-on-quarter swing of +$13m vs prior quarter (management equates to ~$2,000/day TCE improvement). - Management says margins & demurrage revenue expected broadly flat into Q1 (given seasonality and market conditions). - Opportunity: STC’s scale/flexibility helping secure capacity despite supply-chain constraints.

Tankers were the weak spot; COA renewals soft and one-off Oman incident - Stolt Tankers: EBITDA $97m, -8% YoY; operating profit $52m, down from $57m. - TCE: just north of $24k/operating day, -3% YoY but +3% QoQ; higher bunker costs and lower volumes cited. - COA mix ~60%, renewals at an average rate ~8% lower (continuation of softer renewal trend). - Operational negative: Stolt Magnesium off Oman attack (July) caused off-hire; management says no physical injuries and cargo retrieved safely with minimal expected financial impact (but still a near-term earnings drag). - Management expects Q4 to be modestly behind Q3, mainly due to softer tanker performance.