Odfjell SE reported its results for the fourth quarter of 2018. The results reflect a weak chemical tanker market that improved towards the end of the quarter, and stable underlying results from Odfjell Terminals.
Odfjell SE reports EBITDA of USD 33 million compared with USD 31 million in the previous quarter.
Highlights for the fourth quarter of 2018:
- Chemical tanker spot rates improved towards the end of 4Q18, which seems to continue into 1Q19
- EBITDA of USD 27 million from Odfjell Tankers compared to USD 27 million in 3Q18. EBITDA was impacted by higher G&A in 4Q18
- EBITDA of USD 5 million from Odfjell Terminals compared to USD 4 million in the third quarter
- Net results of USD -48 million compared to USD -31 million in last quarter before adjusting for non-recurring items
- Lindsay Goldberg entered into an agreement to sell its 49% shareholding in Odfjell Terminals US terminals to funds managed by Northleaf Capital Partners
“4Q18 concluded a challenging year for chemical tankers, but the market improved towards the end of the quarter. This is consistent with our view that the market has healthy fundamentals. We do expect continued volatility, but we believe our markets have passed the bottom, and we therefore expect improved performance in 1Q19. We are pleased to welcome a new partner in our US terminals that positions us to further develop our US business”, said Kristian Mørch, CEO of Odfjell SE.