Odfjell Stable Despite Challenging Chemical Tanker Market

Image Courtesy: Odfjell

Despite a challenging chemical tankers market, Norwegian shipping and tank terminal company Odfjell delivered a stable underlying operational performance with EBITDA of USD 46 million compared to 48 million reported in the fourth quarter of 2016.

Odfjell’s revenue slowed slight improvement in the first quarter of the year, reaching USD 243 million, up from USD 238 million seen in the previous quarter.

The company said that it was challenged by limited shore tank capacity in several markets which again affected its port efficiency, adding that, at the same time, the top line grew with 4.4% in the quarter.

Odfjell Terminals delivered an EBITDA of USD 9.4 million in first quarter, against a USD 10.7 million reported in the previous quarter. The occupancy rate of commercially available capacity was 93%, compared to 94% last quarter.

“We expect 2017 to remain challenging, but our underlying operational performance is stable. Over the past two quarters we have taken crucial steps in renewing our core fleet at a very low point in the price cycle,” Kristian Mørch, CEO of Odfjell SE, said.

The company added that it expects the second quarter 2017 time-charter results to be marginally lower than in the first quarter of the year. In a long-term perspective, Odfjell believes the markets to be “fairly balanced and to gradually improve.”

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >