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 Today


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

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

People & Company News

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

ABS' Tikka Elected Foreign Member of NAE

ABS, a provider of classification services to the global marine and offshore industries, announced the election of ABS Europe and Africa Division President Dr.

Ellicott Takes On Rohr-Idreco Line in Latin America

Ellicott Dredges LLC & Rohr-Idreco Dredge Systems, which are owned by Ellicott Dredge Enterprises, LLC, has  announced that Ellicott's Latin American Sales Manager,

Tanker Trends

EU Pulls Plug on Back-Up Nav System

A British-led initiative to create a back-up to satellite navigation systems for ships has been pulled after failing to garner interest from other European countries,

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

Hess sells Shannon LNG Terminal

New York-based energy company Hess has sold Shannon LNG, a proposed gas-import terminal in County Kerry, Ireland’s Sunday Independent has reported.   The newspaper

Finance

AIWA Highlights Investment Needs on the Nation’s Marine Highways

Nowhere is that more important than on the Atlantic Intracoastal Waterway. As 2016 begins, we at the Atlantic Intracoastal Waterway Association (AIWA) are looking

Pentagon: Cut in LCS Ship Program 'Not an Indictment'

U.S. Deputy Defense Secretary Robert Work said the Pentagon's plan to truncate the Littoral Combat Ship program at 40 ships instead of 52 reflected budget pressures

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar
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: 0.0872 sec (11 req/sec)