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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Tanker Trends

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Scanjet Bags Multiple Tank Management Orders

SCANJET Group has followed up its breakthrough Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Finance

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Port City Plans for New Cargo Taxes Angers Kenya Govt, Shippers

Proposals by a local authority to impose new taxes on cargo at Kenya's main port has drawn opposition from the government and shippers, saying it will hike import

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1584 sec (6 req/sec)