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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona Delivers Second Vessel to Jadran

On October 18, Zamakona Yards celebrated in Getxo, Bizkaia the delivery of tuna freezer vessel Ljubica to the owner group Jadran based in Ecuador and Panamá. The

INTERTANKO Welcomes IMO Bunker Decision

The International Maritime Organization (IMO) has agreed to consider introducing measures to improve controls of bunkers delivered to ships. After six submissions to the IMO over four years,

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Tanker Trends

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Finance

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

News

Zamakona Delivers Second Vessel to Jadran

On October 18, Zamakona Yards celebrated in Getxo, Bizkaia the delivery of tuna freezer vessel Ljubica to the owner group Jadran based in Ecuador and Panamá. The

INTERTANKO Welcomes IMO Bunker Decision

The International Maritime Organization (IMO) has agreed to consider introducing measures to improve controls of bunkers delivered to ships. After six submissions to the IMO over four years,

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2537 sec (4 req/sec)