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Tuesday, August 20, 2019

Odfjell News

Pic: Odfjell SE

Odfjell Sells Stake in Chinese Terminal

Norwegian shipping and tank terminal company Odfjell SE has finalized the sale of its indirect 55% equity stake in Odfjell Terminals Jiangyin (OTJ), China.Reference is made to the stock exchange announcement of May 8th, 2018, in which Odfjell SE (Odfjell) announced that Lindsay Goldberg (LG) is considering a sale of its 49% shareholding in Odfjell Terminals BV.After LG completed the sales of its shareholdings in the US and European terminals, LG is now in the process of selling its shareholding in the Asian terminals.

Photo Credit:  Odfjell

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…

Image: Koole Terminals B.V.

Koole Terminals Acquires Odfjell Terminals Rotterdam

Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands (Koole) to sell its 100% ownership of Odfjell Terminals Rotterdam (OTR).The sale will generate USD 100 million of cash proceeds to Odfjell. Odfjell announced that the transaction has closed.According to  Koole Terminals, Odfjell Terminals will be rebranded to Koole Tankstorage Botlek (KTB). Located in the heart of the Port of Rotterdam, KTB stores both chemical and mineral oil products and operates a PID facility.John Kraakman…

(Photo: Odfjell)

Odfjell Finalizes Sale of Rotterdam Tank Terminal

Norwegian shipping and tank terminal company Odfjell SE announced on Thursday that it has finalized the sale of its tank terminal in Europe's largest port.The company announced in July that Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands to sell its 100 percent ownership of Odfjell Terminals Rotterdam in a move to help reduce debt. Odfjell said the sale has generated $100 million of cash proceeds.The terminal in the Port of Rotterdam has total storage capacity of 1,622,000 cbm in 270 tanks.

Image: DNV GL

DNV GL Rolls-out Cloud Shore Monitoring Module for Navigator Port

DNV GL is launching a completely renewed Shore Monitoring module for Navigator Port. Installed on more than 2500 vessels, Navigator Port is the industry's leading port clearance solution.With a strong focus on the user experience, this module is the first of DNV GL's next generation fleet management solutions to be developed on the latest cloud technology.Most shipping companies find it challenging to keep on top of crew work and rest hour compliance. It is essential to have the same view and information on board and in the office.Navigator Port’s Shore Monitoring module is a user-friendly…

Jesper Ridder Olsen. Photo: Maersk Drilling

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.

Photo: Port of Rotterdam Authority

Rotterdam Port to Replace Slopes to Clean-up of Oil Pollution

The Port of Rotterdam Authority is to replace a section of the slopes stretching over more than 9 kilometres that have been contaminated by the Bow Jubail oil spill.The Port Authority announced earlier that the damage resulting from the oil spill is estimated at around 80 million euros. The Port Authority will recover this damage from Odfjell, owner of the leaking Bow Jubail.“We will do everything in our power to recover these damages. Society here cannot be left to pay for this…

Photo: Odjfell

Lindsay Goldberg Mulls Selling Stake in Odfjell Terminals

Odfjell SE said it has been informed by Lindsay Goldberg that they are considering a sale of its 49% shareholding in Odfjell Terminals B.V.Lindsay Goldberg has been Odfjell's joint venture partner in Odfjell Terminals's U.S. and European terminals since 2011. In 2013, the partnership was expanded to include Odfjell Terminals's global terminal operations.Odfjell said it continues to consider Odfjell Terminals as core business and emphasized its long term commitment to owning, developing and operating tank terminals.

Bjørnar Iversen. Photo: Songa Offshore

Bjørnar Iversen Resigns as CEO of Songa Offshore

Bjørnar Iversen, CEO of Songa Offshore SE, has resigned effective 6 March 2018 said a single sentence press statement from the company. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act, said the statement. Before joining the company in June 2013, Iversen was a member of the executive leadership team at Odfjell Drilling AS. During his 17 year's tenure at Odfjell Drilling, he has been executive vice president for Corporate Business Development, Odfjell Drilling Technology and Odfjell Well Services.

Kristian V. Mørch. Photo: Odfjell SE

Morch Elected to J. Lauritzen BoD

Danish shipping company J. Lauritzen adds CEO of Norwegian Odfjell, Kristian V. Mørch, and CFO of the cleaning company ISS, Barbara Plucnar Jensen, into its board of directors. "J. Lauritzen A/S in March 2018, Kristian V. Morch, CEO at Odfjell SE, Norway and Barbara Plucnar Jensen, CFO at ISS UK and Ireland will be elected as new members of the Board of Directors of J. Lauritzen," said a press release from the company. In connection with the upcoming annual general meeting, Marianne Wiinholt, CFO & EVP at Ørsted will resign from the Board of Directors of J. Lauritzen. Kristian V.

Harald Fotland (Photo: Odfjell)

Fotland Named COO at Odfjell

Odfjell SE has appointed Harald Fotland as chief operations officer (COO), effective January 5, 2018. The Norwegian tanker shipping firm said it is introducing a COO function to ensure full integration between ship management and commercial operations. “With the new structure, Odfjell Tankers will have common and aligned goals across all functions relating to chemical tankers,” the company said. Fotland joined Odfjell as chief of staff in 2010, and in 2015 was appointed senior vice president of Odfjell Tankers.

Ellis Named Chembulk Tanker CEO

Chembulk Tankers appointed David Ellis as Chief Executive Officer (CEO), succeeding Jack Noonan who will retire after 10 years of leading the team at Chembulk Tankers. Effective November 1, 2017, Jack will take on the role of CEO Emeritus through the balance of the year and will continue to advise and counsel Chembulk as part of the leadership transition. Ellis has more than 30 years in chemical and petroleum transportation experience, including over 20 years with Odfjell SE in…

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…

Graph:  Drewry Shipping Consultants Limited

Demand for Chemical Tanker Fleet Looks Up

Demand for methanol and vegoil will moderately support global seaborne trade causing the shipping fleet trading in chemicals and vegoils to expand, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. A press release from Drewry said that the orderbook contains 144 stainless steel vessels totalling 3.4 mdwt for delivery by 2020, almost 22% of the existing capacity for such vessels; 63 of these vessels are in the size range of 25…

Odfjell Orders Two Chemical Tankers

Odfjell SE has announced the signing of long term charter agreements for two chemical tankers with stainless steel cargo tanks, for construction in Japan.   The agreement includes two vessels of 35,500 dw tonnes and 28 stainless steel cargo tanks. They are scheduled for delivery in Q4 2018 and Q1 2019 and the agreements run for a minimum of eight years. The vessels will be built in Shin-Kirushima dockyard in Japan.   The agreement is in line with the new Odfjell strategy as launched in February, where the Company announced its targets for tonnage renewal and fleet growth.

Helge Olsen (Photo: Odfjell SE)

Odfjell SVP Olsen Steps Down

Norway based shipping and tank terminal company Odfjell SE said its Senior Vice President Helge Olsen will step down from his role as Head of Ship Management, effective January 9, 2017.   Olsen, who has been with the company since 2000, holds no Odfjell shares or options.   Harald Fotland, SVP Odfjell Tankers, has been appointed to temporarily cover the position as SVP Ship Management until Olsen’s successor is in place.

Kristian Mørch CEO Odfjell SE (Photo: Odfjell SE)

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.

The contracts cover drilling and well services, the maintenance of drilling facilities, in addition to modifications and any optional work. (Photos Harald Pettersen)

Statoil Awards Norwegian Continental Shelf Drilling Contract

Statoil has, on behalf of relevant licensees, exercised options for previously awarded drilling service contracts for fixed installations. Options have been exercised for 17 installations on the Norwegian continental shelf. In 2012 Statoil awarded contracts for four years with options for three times two-year extension to Archer, KCA Deutag and Odfjell. The company now extends the contracts with the suppliers, exercising the first option. The option period will last from 1 October 2016 to 1 October 2018, with some changes to the scope awarded.

Photo: Odfjell

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.

Øistein Jensen (Photo: Odfjell)

New Chief of Staff at Odfjell

Øistein Jensen has been appointed as new Chief of Staff at Odfjell, commencing in his new position from February 29, 2016.   Jensen is a Norwegian citizen and presently holds the position as Director at PwC. He is a graduate of the Royal Norwegian Naval Academy and has among other positions served as submarine commander. He also holds an MBA from the Norwegian School of Economics (NHH). Jensen brings to the position experience within organizational development, corporate compliance and project management.

Klaus Nyborg (Photo: Odfjell)

Odfjell Elects Klaus Nyborg Director of the Board

Odfjell SE’s Extraordinary General Meeting, held December 9, 2015, supported the Nomination Committee's proposal and elected Klaus Nyborg as new director of the Board. Nyborg, a Danish citizen, owns no shares in Odfjell SE and has no formal ties to major shareholders of the company, according to Odfjell. Nyborg was recently Interim CEO of DS Norden AS from 2014-2015, where he has also been on the board since 2012, and chairman since 2015. He also serves board director of several other companies, including being chairman of A/S United Shipping & Trading Company and BAWAT A/S.

Harald Fotland (Photo: Odfjell)

New Head for Odfjell Tankers

Odfjell announced it has appointed Senior Vice President Harald Fotland to new Head of Odfjell Tankers. Fotland comes from the position as SVP/Chief of Staff and has for the past 18 months also been responsible for the cost-cutting and efficiency program in Odfjell. He succeeeds the shipper's previous head of tankers, Morten Nystad, who stepped down from his position in July.  The company also appointed Vice President Arild Viste to Global Head of Tanker Trading in Odfjell Tankers. Viste comes from the position as Vice President for Commercial Development.

Morten Nystad (Photo: Odfjell)

Odfjell Tankers Head Steps Down

Morten Nystad will step down as senior vice president of Odfjell Tankers after 35 years with the company. His departure is effective immediately. Nystad has held various management positions during his tenure at Odfjell, serving within the company’s chartering department in Bergen and other locations. Nystad’s exit follows the departure of president and CEO Jan A. Hammer in December 2014 “due to different views on the strategic direction for the company”. Hammer was replaced by interim president and CEO Tore Jakobsen, who will be succeeded by Kristian Verner Mørch from August 1, 2015.

Photo: Euronav

Euronav to Acquire Metrostar VLCCs

The world’s largest listed crude-tanker operator Euronav is planning to buy 18 tankers for around $1.2 billion in one of the biggest deals involving oil carriers this year, reports WSJ. The reports says that Euronav is in advanced discussions with Greece’s Metrostar to buy eight very large crude carriers, The deal to buy four of the VLCCs, plus an option for another four, will be signed as early as next week. Euronav also is in the market to buy 10 smaller Suezmax tankers from Southport, Conn.-based Principal Maritime Tankers Corp.