Odfjell falls to loss in 3rd quarter

Odfjell Tankers

Odfjell widened its net loss to USD 11 million in the third quarter of this year from a loss of USD 5 million seen a quarter earlier.

EBITDA for the period was USD 37 million, compared to USD 41 million reported in the previous quarter of 2017.

During the quarter, Odfjell sold its 50% ownership share in Singapore terminal for USD 150 million. The sale, which is likely to close in the fourth quarter of 2017, is in line with the company’s strategy to focus on the terminals where Odfjell has managerial control over the assets and further invest in growth opportunities in its core markets.

“3Q was a challenging quarter for our tanker and terminal divisions. Our balance sheet remains robust and our competitiveness continues to increase, so we are positioned to benefit once our markets recover. The sale of our Singapore terminal in line with our strategy will result in a significant gain,” Kristian Mørch, CEO of Odfjell SE, commented.

Odfjell Terminals’ EBITDA dropped to USD 9 million in the third quarter of 2017 from USD 10 million recorded in the second quarter of this year.

In addition, Chemical Tankers’ EBITDA was USD 28 million in Q3, compared with USD 31 million posted in the previous quarter.

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