Odfjell 2Q Results In Line with Expectations

Posted by Michelle Howard
Friday, August 22, 2014
Photo courtesy of Odfjell SE

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%.

Odfjell's shareholding in the tank terminals business delivered an EBITDA of negative $10 million in the first half of the year, heavily impacted by a reorganization charge at our terminal in Rotterdam in May of $11.8 million. The effect of the reorganization is a significantly improved cost base for the terminal going forward. With the exception of the tank terminal in Rotterdam, the terminal results were overall in line with expectations. Adjusted for one-off charges at Odfjell Terminals (Rotterdam), Odfjell Terminals EBITDA was $1.8 million.

Odfjell said its ongoing cost-cutting and efficiency review to provide for a more competitive cost structure indicates potential for significant improvements, adding that key decisions will be made in fourth quarter. 

The U.S. trade picture has brightened considerably in recent months as imports has increased to a record high as the economy improved and consumers unleashed pent-up demand, Odfjell said. European economies are weakening as escalating tensions with Russia appears to impair Europe's fragile recovery. Oil markets are currently softer with prices sliding to the lowest levels for more than a year. The main forecasting agencies suggest reduced demand and a well-supplied market.

Odfjell expects third quarter of 2014 to be in line with second quarter for chemical tankers. With regard to terminals, the company expects continued stable results and gradually also improving results at its terminal in Rotterdam.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Picking Up Panamaxes Like Pokemon

Alibra Shipping Research Weekly Market Report takes a look on current market scene of bulk carriers.   For a little while now, the story has been “Now’s a great time to buy bulk carriers,

Safe Bulkers Reports Q2 Loss, Expands Fleet

The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter.  It had a loss of 15 cents per share.   Net revenue for Q2 of 2016 decreased by 18% to $26.

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

News

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

DP World takes over Rodney Container Terminal, Canada

DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal at Saint John, New Brunswick, Canada.

MED AMERICAS will Replace MGE Service

CMA CGM is revamping it MGE service becoming the MED AMERICAS, stand-alone CMA CGM service with dedicated fleet of 11 vessels of 2,500 TEU, in a continuous effort to improve service coverage,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1151 sec (9 req/sec)