Stolt-Nielsen (1K) | Reduce | Hormuz reopens, high fleet growth looming

研报英文原文证据摘录

Stolt-Nielsen (1K) | Reduce | Hormuz reopens, high fleet growth looming

#EarningsPreview #EstimatesRevision

Release date: 19 June 2026

Company research

ReduceStolt-Nielsen

Norway | Transport Logistics Beta Profile: MCap: NOK15.7bn

Target Price: NOK276.00 Change in TP: 0.0 % Bloomberg: SNI NO Reuters: SNI.OL

Current Price: NOK296.00 Change in Sales: 0.6% 26E/-0.6% 27E Free float 45%

Up/downside: -6.8% Change in Adj EBIT: 4.5% 26E/-7.3% 27E Avg. daily volume (NOKm) 30.8

YTD abs performance -9.2% Market data: 18 June 2026 Change in Adj. EPS: 10.1% 26E/-30.3% 27E

52-week high/low (NOK) 356.50/248.50

Hormuz reopens, high fleet growth looming Price performance

Why this report?

Following the outbreak of the US-Israel/Iran war, spot rates for tankers spiked

however they peaked about a week after the conflict started and have been

on a declining trend - albeit on elevated levels - since then. During the next

couple of months there is rate support amid stock building and higher

demand for oil-, refined products and chemicals, and a gradual resumption of

the trade ex. Persian Gulf on reopening of the Strait of Hormuz. However,

fleet growth for Chemical Carriers - c. 16% during 2026-27 - and for Product

Tankers - c. 13% during the same period - are very high and will put pressure

on utilisation and rates during H2 2026-2027. We reiterate Reduce with an

unchanged target price at NOK276 per share.

Key findings FY to 30/11 (USD) 11/26E 11/27E 11/28E

In Stolt-Nielsen’s Q2 (March-May) and QOQ, spot rates for Chemical carriers (main Sales 2,880 2,757 2,754

routes except Gulf-Far East as there has been no recordings) and MR Product EBITDA adj. 688 556 515

Tankers increased by c. 68% and c. 87%, respectively, while YOY they increased by EBIT adj. 313 165 118

Net profit adj. 144 29 3 c.