Net Loss for Odfjell Despite Shiping and Terminal Improvements

MarineLink.com
Tuesday, May 07, 2013
Photo: Odfjell

Odfjell published their first quarter 2013 results, reporting EBITDA of $27 million which they said reflects a slightly better chemical tanker market and higher terminal earnings. Time charter results up 8% compared to last quarter.

Odfjell said the chemical tanker market improved slightly the first quarter of 2013, but remains at loss-making levels. Steady CoA nominations combined with increased spot activities enabled Odfjell to employ ships more efficiently. The bunker prices were marginally higher than in the previous quarter.

In the first quarter, Odfjell’s terminals delivered improved EBITDA compared to the previous quarter. The recommissioning project at Odfjell Terminals (Rotterdam) is running slightly behind schedule, primarily due to a shortage of engineering capacity. Final agreements have been entered into with Lindsay Goldberg post quarter to expand existing partnership to include substantially all tank terminal assets.

The supply/demand balance for Odfjell chemical tankers continues to develop, as there is virtually no ordering of advanced parcel tankers. However, high bunker cost and increased congestions and delays in port are serious concerns, both negatively impacting results and performance.

Full highlights can be viewed here, http://hugin.info/156/R/1699711/560822.pdf while the full first quarter 2013 report and presentation can be viewed here. http://hugin.info/156/R/1699711/560807.pdf

www.odfjell.com
 

  • Jan A. Hammer, President/CEO, Odfjell. Photo: Odfjell

    Jan A. Hammer, President/CEO, Odfjell. Photo: Odfjell

  • Photo: Odfjell

    Photo: Odfjell

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Colachel to Become Major Port

The government of India would soon build a major port at Colachel in the southernmost tip of Tamil Nadu at an estimated cost of $3.2 billion (Rs 21,000 crore),

RYDLYME Marine Selects GoM Distributor

RYDLYME Marine has named R Carter & Associates, Inc. of Mobile, Ala. a new stocking distributor for the Gulf of Mexico area, targeting shipyards, larger workboats,

MN 100: Elliott Bay Design Group

The Company: Elliott Bay Design Group (EBDG) is a Seattle-based, employee-owned enterprise with offices in New Orleans and Ketchikan that provides full-service naval architecture,

Tanker Trends

Libya Plans to Sell Ex-rebel Tanker

Libya plans to sell a tanker that a former rebel group used in an attempt to bypass the Libyan government and export oil on its own last year, the Tripoli-based state prosecutor said on Thursday.

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Dorian Acquires 2 ECO VLGC

Dorian LPG, an owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commodore from Hyundai

Finance

HII Wins $109.4mln U.S. Navy Contract

Huntington Ingalls  has received a $109.4mln contract modification to carry out support services for the U.S. Navy’s nuclear submarines.   The company will work to engineer,

Russia’s Novatek Sells 10% Of Yamal LNG To Chinese Fund

Russia’s second-biggest gas producer Novatek is selling a 9.9 percent stake worth an estimated US$1.4 billion in its Yamal liquefied natural gas (LNG) project

Colachel to Become Major Port

The government of India would soon build a major port at Colachel in the southernmost tip of Tamil Nadu at an estimated cost of $3.2 billion (Rs 21,000 crore),

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair 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: 1.2106 sec (1 req/sec)