Odfjell: Chemical Tanker Market Remains Stable
Odfjell SE has reported its results for Third Quarter 2018. The results reflect a stable chemical tanker market and stable underlying results from Odfjell Terminals when adjusting for the Rotterdam terminal.Odfjell SE reports EBITDA of USD 32 million compared with USD 37 million in the previous quarter.Highlights for the third quarter of 2018:• EBITDA of USD 27 million from Odfjell Tankers compared to USD 28 million in second quarter• ODFIX was down 2.0% for the quarter compared…
Sale of Rotterdam Terminal Impacts Odfjell
Tank terminal transactions will further strengthen Odfjell SE but the company experienced another challenging quarter in the chemical tanker markets.The second quarter 2018 results reflect the impact of the sale of the Rotterdam terminal, while underlying results from Odfjell Terminals improved compared to the previous quarter. The chemical tanker market remains challenging, but Odfjell’s TCE performance remains stable.“The sale of our Rotterdam terminal will further strengthen Odfjell SE as a company.
Odfjell Divests Share in Singapore Tank Terminal
Odfjell Terminals B.V. has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50 percent ownership in Oiltanking Odfjell Terminal Singapore Pte Ltd for a price around $300 million. This implies an enterprise value of around $330 million for Odfjell Terminals B.V.'s share in the Singapore terminal. “This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities in our core markets…
Odffjell to Build Record Size Stainless Steel Chem Tankers
Odfjell has ordered four chemical tankers (with options for an additional four) with stainless steel cargo tanks from China Shipbuilding Trading CO., Ltd. and Hudong-Zhonghua Shipbuilding (Group) CO., Ltd. The ships cost $60m each. The 49,000 dwt ships, with a cargo capacity at 54,600 cbm, reportedly makes them the world's largest stainless steel chemical tankers, according to the Norwegian owner. The first ship is expected to be delivered in June 2019 and the following vessels with three months intervals.
Odfjell Sells Its Share in Oman Tank Terminal
Odfjell SE announced that Odfjell Terminals B.V. (OTBV), the joint venture holding company that owns and operates substantially all of Odfjell's tank terminals worldwide, has entered into an agreement to sell its 29.75 percent indirect ownership in Oiltanking Odfjell Terminals & Co. LLC (OOT) in Oman for around $130 million. The transaction will result in a net gain of approximately $90 million for OTBV. Closing of the transaction is subject to customary regulatory approval. Frank Erkelens, CEO of Odfjell Terminals B.V.
Odfjell Reports Strongest Quarterly EBITDA Since 2008
Odfjell reported a net result for the first quarter 2016 of $24 millions, with improved EBITDA of $69 million, compared to $45 million last quarter. The company said it has seen a significant reduction in voyage expenses compared to previous quarters mainly due to expiry of bunker hedges. Odfjell Terminals, meanwhile, continues to improve with first profitable quarter since 2013. “We are pleased to see the increasing benefits from our cost cutting and efficiency program last year, which is now fundamentally changing the competitiveness of Odfjell,” said Kristian Mørch, CEO Odfjell SE.
New CEO for Odfjell Terminals
The Board of Odfjell Terminals BV announced that Frank Erkelens will join Odfjell Terminals as CEO for its global activities. Erkelens has more than 20 years of experience in the terminal industry and comes from a position as President EMEA in Vopak. Erkelens lives in the Netherlands, and will be working out of the Rotterdam and Houston offices. David Ellis, currently President of Odfjell Terminals BV, has decided to leave the company after more than 20 years in the Odfjell Group. Ellis has guided the organization since 2013.