Stolt-Nielsen: Hormuz traffic continues under Iranian control in International Shipping News 07/04/2026 Stolt-Nielsen posts 1Q figures next week and we expect slightly more conservative results compared to consensus. Conflict in the Middle East and transit restrictions through Strait of Hormuz challenge shipping industry as Iran has effectively taken control of the strait. For Stolt-Nielsen we reiterate Hold recommendation at a higher TP of NOK 345/sh. (330), where the increase in TP is on behalf of the favourable currency exchange rate fluctuations and slightly improved FY26 EBITDA figure. Our estimates paint a more conservative, albeit still solid picture After adjusting FY26 EBITDA estimate by -8% following the 4Q25 earnings, we improved FY26 figure a bit and expect it to land at USD 726m, being in the higher end of the USD 600-750m threshold. We expect 1Q26 to be slightly softer across the board compared to consensus. Our bottom-line estimate of around USD 47m is below the consensus of USD 50m, nevertheless, it should be another solid report from the company. Middle East conflict shifts to a higher gear with minor de-escalation Trade flows have been severely disrupted through SoH. Recent Iranian announcement states that vessels tied to US or Israel will not be able to cross, whilst the ones that met requirements are required to pay levy of up to USD 2m. Despite that, the situation lacks clarity and remains uncertain, as number of vessels have been reported to abort Iran’s ‘safe passage’. In addition, the situation continues to intensify after Iran-backed Houthis announced that they are joining the conflict, imposing additional threat in Red Sea and the surroundings of Bab al-Mandeb chokepoint. Market sentiment remains cautious, as what was initially seen as a short-term disruption is now evolving into prolonged period of transiting restrictions and rerouting, imposing long-term inefficiencies in the market. Although the increased shipping fees should be included in the adjusted contracts and should not have a material impact on the company’s EBITDA, still, we expect the company to provide some guidelines during the presentation. Company’s business model provides some resilience We believe the stock is capable to continue its performance due to the nature of company’s business model, which provides resilience in uncertain times. Amid increased uncertainty and escalations in Middle East, we reiterate Hold recommendation at a higher TP of NOK 345/sh., driven by favourable currency exchange rate movements and marginally improved financials. Source: Norne Research 2026-04-07 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share