Stolthaven’s global network of 19 terminals provides safe, high quality storage and distribution services for our customers with a focus on chemicals, clean petroleum products and gases in key markets and hubs worldwide.

B U S I N E S S R E V I E W

Stolthaven Terminals

Focused on sustainable profitability and leveraging synergies

15wholly owned terminals

4.7m cbm of total storage capacity

4joint-venture terminals

KEY FIGURES

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Q&A with Guy Bessant, President of Stolthaven Terminals

What were the highlights for Stolthaven in 2017?

To understand Stolthaven and where we’re going, you’ve got to understand where we’ve come from. From 2004 to 2015, Stolthaven was about investing for growth. We invested over a billion dollars, expanding from five terminals with less than a million total cubic metres of storage, to a global network of 19 terminals with over 4.7 million cubic metres of storage. Over the last two years, our focus has been on building a cohesive brand from those assets – one that delivers sustainable profitability to SNL shareholders, and one that is recognised and valued by customers for its operational strengths and service capabilities.

To make sure we achieve those goals, we implemented a very disciplined strategic platform built on three pillars: Commercial Excellence, Operational Excellence and Capital Projects Excellence. So, take Commercial Excellence. Thanks to an aggressive marketing programme, our New Orleans terminal has gone from less than 80% utilisation a few years ago to over 95% in 2017 – it’s been a tremendous success. And, we’re applying what we’ve learnt in New Orleans to our other terminals, too. We are actively reaching out to the marketplace to tell our story and the results are paying off.

In terms of Operational Excellence, it’s accurate to say that two years ago, Stolthaven would have been considered ‘average’ in terms of the annual number of safety incidents and claims. I am proud to say that, based on this year’s data, we have halved the number of claims and significantly reduced the frequency of safety incidents. We achieved these results through stronger leadership, better management, closer supervision, enhanced training and making sure that all our people, across our entire network, recognised that our commitment to operational excellence and safety for people and the environment is genuine and unwavering. One of the totally unexpected – but hugely rewarding – outcomes of this is that our customers noticed the changes and were impressed by what they saw.

Of course, in terms of Capital Projects, there is a long list of things to point to in 2017 and although our focus is on improving the return on existing investments, we are continuing to invest where it makes sense. Investments include our new $45 million jetty in Houston and improvement projects in Dagenham, UK and Moerdijk, the Netherlands and new capacity in Santos, Brazil.

What’s the outlook for the chemical storage market in 2018?

The chemical market is expected to remain stable-to-growing in 2018, which bodes well not only for Stolthaven, but also for our integrated partners – Stolt Tankers and Stolt Tank Containers. Our focus on chemicals means that we have relatively little exposure to the petroleum market compared with many of our peers. And that’s important because the contango market for petroleum in the last few years has now completely unwound. We expect the chemical storage market to continue to grow roughly in line with GDP in 2018.

And Stolthaven is well positioned – literally – to benefit from these expected conditions. The 19 terminals in our global network are well situated, many in key hubs – and our balanced product portfolio ensures strong utilisation levels. So, our outlook for 2018 is a positive one.

And your goals for 2018?

As I said at the outset: our goal is to deliver sustainable profitability to SNL shareholders, and to be recognised and valued by customers for our operational strengths and service capabilities. We believe 2018 will be a year in which the tremendous effort that we have put into this business over the last two years will truly begin to pay off, in terms of both financial performance and the elevation of the Stolthaven brand in the global storage marketplace.

“Our goal is to deliver sustainable profitability,

and to be valued by customers for our operational

strengths and service

capabilities.”

Guy BessantPresident

Stolthaven Terminals

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DIRECTORS’ REPORT FINANCIAL STATEMENTS STOLT-NIELSEN LIMITED ANNUAL ACCOUNTS

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STOLT-NIELSEN LIMITED ANNUAL REPORT 2017

Stolthaven’s global network of 19 terminals provides high quality storage and distribution services worldwide, complementing the service capabilities of both Stolt Tankers and Stolt Tank Containers. These synergies enable us to deliver integrated storage and transportation solutions for our customers that reduce costs and increase operating efficiencies, all within an environment of assured quality and safety for people and the environment.

Stolthaven’s 15 wholly owned terminals and four joint-venture facilities provide a total of 4.7 million cubic metres of bulk-liquid storage. In the US, the Houston and New Orleans terminals work closely with our Stolt Tankers fleet to optimise the ship-to-shore interface, thus reducing ship turnaround times and helping to offset the negative effects of increasing port congestion.

In Europe, Stolthaven’s Moerdijk terminal in the Netherlands – with its excellent water, rail and road connections – effectively serves the Amsterdam/Rotterdam/Antwerp (ARA) region. In addition, the Moerdijk terminal is co-located with a Stolt Tank Containers’ depot, generating both cost efficiencies and synergy opportunities for customers. Also in Europe, our joint venture terminal in Antwerp – Oiltanking Stolthaven Antwerp – is located amid one of the world’s most extensive refining and petrochemical complexes. And our Dagenham terminal in the UK is the closest independent terminal to London.

In the Asia Pacific region, we operate 10 wholly owned terminals, one in Singapore, four in New Zealand and five in Australia, plus three joint-venture terminals in South Korea, Malaysia and China. In South America, our wholly owned terminal in Santos – Brazil’s largest port – provides storage and logistical services for diesel fuel, chemicals and edible oils.

B U S I N E S S R E V I E W

Stolthaven Terminals

MARKETSProvides manufacturers, distributors and users of chemicals, clean petroleum products and gas with safe storage and efficient, high quality handling in key markets worldwide.

Markets(US $ millions) 2017 2016 2015

Operating Revenue 243 235 217Operating Profit 54 53 39

STRATEGYDrive operational improvements across the entire network, while working synergistically with both Stolt Tankers and Stolt Tank Containers to provide integrated solutions that improve customers’ supply-chain efficiencies.

OUTLOOKStolthaven’s results are expected to improve in 2018, as a result of continued actions and improvements aimed at enhancing operational performance and profitability across the division’s global network of terminals.

Percentage of group total

of total revenue

12%of total operating

profit

28%

2017

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Stolthaven uses its storage and distribution capabilities to optimise the effectiveness of Stolt Tanker’s deep-sea tanker fleet. In Europe, for example, the combination of our regional short-sea fleet, our intra-European self-propelled barge fleet, our wholly owned terminal in Moerdijk, and our joint venture terminal in Antwerp give us a gateway to Europe via the Rhine that provides tremendous flexibility to serve customers.

Review of 2017Stolthaven’s results improved in 2017 for the third consecutive year. Revenue rose to $243 million and operating income to $54 million, despite an $8.4 million one-time impairment of assets in the fourth quarter. Stolthaven’s 2017 results reflected stable market conditions and continuing actions to improve long-term operational performance and profitability, while enhancing customer satisfaction and service worldwide.

Highlights of 2017 included breaking ground at Stolthaven Houston for the construction of a new ship dock capable of handling both ships and barges – all part of an ongoing $100 million-plus investment programme aimed at a broad range of infrastructure improvements and expansions at the terminal. The dock follows the addition of more than 100,000 cbm of storage in 2014, a doubling of the capacity of the terminal’s existing barge dock, and an expansion of the terminal’s TCEQ Centralised Waste Treatment Facility on the Houston Ship Channel. Future expansion options include the development of 162,000 square metres of adjacent land, which, if fully utilised, could double the terminal’s existing capacity. Also in the US, successful marketing efforts resulted in utilisation levels of over 95% at Stolthaven New Orleans.

Capital projects were also completed at Stolthaven’s terminals in Dagenham, UK; Ulsan, South Korea; and Moerdijk, the Netherlands. The Dagenham terminal – acquired in 2012 and located on the River Thames – has benefited from more than $20 million in extensive modernisation and expansion investment. In Ulsan – a gateway strategically located in North Asia – more than 160,000 cbm of storage has been added. At Stolthaven’s terminal in Santos, Brazil storage

capacity is being increased by 16,000 cbm, as the facility has successfully shifted from ethanol storage – as exports dropped – to mainly diesel fuel.

Increased chemical production in the Middle East has been accompanied by increased demand in Asia. During 2017, Stolthaven Singapore positioned itself as a strategically located gateway to many parts of Asia. By storing product at Stolthaven Singapore, customers – mainly Middle East producers of intermediate and finished products – can redistribute cargo on short notice, helping to shorten supply chains and increase competitive advantage.

OutlookChemical storage markets are expected to remain stable in 2018, and Stolthaven’s focus on chemicals reduces its exposure to volatility in oil prices. Stolthaven intends to continue to execute against its strategy to increase the long-term sustainable performance of its global storage network by maintaining the highest operational and safety standards as its facilities worldwide, while working collaboratively with its customers and other divisions of Stolt-Nielsen to deliver innovative supply-chain solutions that reduce costs and increase efficiency.

Guy BessantPresident Stolthaven Terminals

Specialist wastewater servicesOur Houston terminal operates a wastewater treatment plant which is licensed to receive hazardous and non-hazardous biologically treatable wastewater via ships, barges, railcars and trucks. This provides customers with a TCEQ Centralised Waste Treatment Facility that provides safe, cost effective biological wastewater treatment with minimum turnaround times.

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DIRECTORS’ REPORT FINANCIAL STATEMENTS STOLT-NIELSEN LIMITED ANNUAL ACCOUNTS

OTHER INFORMATION

STOLT-NIELSEN LIMITED ANNUAL REPORT 2017