Odfjell reported its results for 1Q 2018. The results reflect a challenging chemical tanker market and a busy quarter of delivery and redeliveries of vessels for Odfjell SE.
Results in Odfjell Terminals was stable when adjusting for reduced income from Singapore terminal that was sold in 4Q 2017. Odfjell SE reports EBITDA of USD 34 million compared with USD 41 million in the previous quarter.
Highlights for the fourth quarter of 2017:
· Net results of -USD 12 million compared to USD 104 million in last quarter
· EBITDA of USD 27 million from Odfjell Tankers compared to USD 31 million in 4Q 17. Higher costs related to deliveries and less revenue days the main variance
· ODFIX was up 2.3% for the quarter compared to the general market index (declining by 1.4%)
· EBITDA of USD 6 million from Odfjell Terminals B.V. compared to USD 10 million in 4Q 2017. Sale of Singapore terminal in 4Q was the main variance
· Lindsay Goldberg (LG) are considering a sale of its 49% shareholding in Odfjell Terminals B.V. (OTBV). Odfjell SE considers Odfjell Terminals as core business, but may evaluate selling its 51% shareholding in Odfjell Terminals Rotterdam (OTR).
· A dividend of NOK 1.50 per share for FY 2017 was approved at the AGM. The shares will trade ex-dividend as of today, May 9th, 2018.
“The first quarter of 2018 was a busy quarter for Odfjell as we executed on our extensive vessel delivery and re-delivery programme. The chemical tanker market remained challenging during the quarter, but we continue to outperform the general market”, said Kristian Mørch, CEO of Odfjell SE.