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…
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.
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.
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.
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.
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…
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.
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.
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.
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.
Odfjell Board Announces New CEO’s Start Date
Kristian Verner Mørch will take up his new position as president and CEO of Odfjell SE from August 1, 2015, the company’s board of directors announced. His appointment was announced in May 2015. Mørch, a member of the board of Odfjell SE since May 2014, will step down as board director of the company from the same date. Mørch is Danish citizen with more than 27 years' experience in the shipping industry, of which more than 10 years have been in senior management positions, previously holding posts as co-CEO of Clipper Group, COO of Maersk Tankers, and other management positions in A.P.
Odfjell Names Mørch President, CEO
The board of directors of Odfjell SE has appointed Kristian Mørch as the company's new president and CEO. He will succeed current president and CEO Tore Jakobsen by November 1, 2015. Mørch is a Danish citizen and presently holds the position as co-CEO of Clipper Group. He has previously been COO of Maersk Tankers, and has also held other management positions in A.P. Moller-Maersk. Mørch holds an MBA from IMD (Switzerland), and is an AMP graduate from Harvard Business School. He has been a member of the Board of Odfjell SE since May 2014.
Restructuring Can Save Odfjell $100 Mln
In May 2014 Odfjell SE announced a review of all aspects of our business model in order to improve our financial results through a more competitive cost structure. The Board has today approved a restructuring plan which, fully implemented, is estimated to improve the net result by in excess of USD 100 million on a yearly basis within 2016. The cost saving initiatives are related to operating expenses, general and administrative expenses, trade optimisation and bunker consumption.
New Director on Odfjell Board
Odfjell SE held a general meeting November 12, 2014 at which the nomination committee elected Annette Malm Justad as its new director of the board. Annette Malm Justad is a Norwegian citizen born in 1958. She has a master's degree in chemical engineering from the Norwegian Institute of Technology (NTH) and a master in technology management from MIT Sloan School of Management. She has a broad experience in logistics, marketing and purchasing within manufacturing and industrial shipping in Europe…
Odfjell Terminals Appoints President for Global Activities
Odfjell Terminals, a leading global storage provider for chemicals, petroleum products and gases, is pleased to announce the appointment of David Ellis as President, effective immediately. Mr. Ellis will be responsible for the leadership of Odfjell Terminals' global activities. Mr. Ellis has been with Odfjell SE since 1996 and Odfjell Terminals since 2005, most recently serving as the executive in charge of North American activities. Odfjell Terminals is a joint venture between Odfjell SE and Lindsay Goldberg.
Odfjell Reports Weak Q4 2012 Chemical Tankship Market
Tankship & terminal storage owners/operators Odfjell also noted significant losses at their Rotterdam terminal in its Q4 2012 report. Jan A. The chemical tanker market improved seasonally towards the end of the year. Volumes shipped remained on par with the previous quarter. Earnings on a time-charter basis were up 7.8% compared to third quarter. Freight rates per tonne shipped increased by about 10%. The average price on bunkers purchased in the quarter remained high. In fourth quarter…
Saudi Owners Receive New Chemical Tanker
National Chemical Carriers receive new chemical tanker 'NCC Najeem' from the SHINAsb Shipyard in S. Korea. National Chemical Carriers Ltd. Co. (NCC) of Saudi Arabia, a subsidiary of The National Shipping Company of Saudi Arabia (BAHRI) announce it has received in Korea a new chemical tanker named "NCC Najem" from SHINAsb (previously SLS) of South Korea, as part of nine vessels previously contracted by NCC from this yard during 2006 - 2007. The vessel will be commercially operated by "NCC ODFJELL Chemical Tankers JLT"…
Odfjell Buys New Vessel
Odfjell entered into a contract for the purchase of MT Holly Galaxy, a 19,975 dwt chemical tanker (IMO II/III) with 22 stainless steel cargo tanks, built in 2006 at Fukuoka Shipbuilding in Japan. The vessel will be delivered in December 2011 and shall be traded regionally in South America. We are in the process of achieving long term financing of the vessel. - Holly Galaxy will be vessel number 99 in the Odfjell controlled fleet of sophisticated chemical tanker vessels, says Jan A. Hammer, CEO Odfjell SE.
Norchem AS Acquires Odfjell SE Shares
Norchem AS in Denmark (in which Laurence Odfjell, Chairman of the Board in Odfjell SE, has a controlling interest) has acquired 500.000 Odfjell B-shares at NOK 33 per share. Following this transaction, Norchem AS owns 25,966,492 A-shares and 1,591,176 B-shares in Odfjell SE, equivalent to 31,76% of the total outstanding stock of Odfjell SE.
Odfjell SE, Crystal Pool Form Joint Venture
Odfjell announced the formation of Odfjell Euroceanica As, a 50/50 Joint Venture between Odfjell SE and Euroceanica Ltd. The J/V will trade all vessels currently operated by Crystal Pool and Odfjell Europe in the European short sea market. The new Crystal Pool set-up will open up for possibilities to offer combined services from Baltic to and from the Mediterranean, and give extensive world-wide coverage via the global presence and services of Odfjell Tankers. Existing contracts and commitments with all respective customers will remain unchanged.
New Appointment - SVP/CFO, Odfjell SE
Odfjell has appointed Mr. Terje Iversen as new SVP/CFO for Odfjell SE. He will start in this position not later than 1 September. Mr. Iversen is currently employed by the maritime industrial company Bergen Group ASA as CFO. Odfjell's present CFO, Haakon Ringdal, is appointed Executive Vice President in Odfjell SE. In this role he will act as deputy for the President/CEO. Source: Odfjell
Odfjell Brings More Ships Under Norwegian Flag
Odfjell brought M/T Bow Brasilia (5,870 DWT/built 1997) and a newbuilding from Korea into the Norwegian International Ship Register (NIS). The M/T Bow Brasilia and the 51,000 DWT newbuilding are two out of five vessels that Odfjell has planned to bring into NIS registration in 2010. Odfjell took delivery of the newbuilding on 28 April from SLS Shipbuilding Co Ltd, Korea. The change of flag on Bow Brasilia is due to relocation of chartering, operation and ship management from Germany to Bergen.