Jan A Hammer News

Morten Nystad will step down as senior vice president of Odfjell Tankers after 35 years with the company. His departure is effective immediately. Nystad has held various management positions during his tenure at Odfjell, serving within the company’s chartering department in Bergen and other locations. Nystad’s exit follows the departure of president and CEO Jan A. Hammer in December 2014 “due to different views on the strategic direction for the company”. Hammer was replaced by interim president and CEO Tore Jakobsen, who will be succeeded by Kristian Verner Mørch from August 1, 2015.

Tankship & terminal storage owners/operators Odfjell also noted significant losses at their Rotterdam terminal in its Q4 2012 report. Jan A. The chemical tanker market improved seasonally towards the end of the year. Volumes shipped remained on par with the previous quarter. Earnings on a time-charter basis were up 7.8% compared to third quarter. Freight rates per tonne shipped increased by about 10%. The average price on bunkers purchased in the quarter remained high. In fourth quarter, with the exception of Odfjell Terminals (Rotterdam) (OTR), the EBITDA for our tank terminals remained on par compared with previous quarter. In December…

Odfjell entered into a contract for the purchase of MT Holly Galaxy, a 19,975 dwt chemical tanker (IMO II/III) with 22 stainless steel cargo tanks, built in 2006 at Fukuoka Shipbuilding in Japan. The vessel will be delivered in December 2011 and shall be traded regionally in South America. We are in the process of achieving long term financing of the vessel. - Holly Galaxy will be vessel number 99 in the Odfjell controlled fleet of sophisticated chemical tanker vessels, says Jan A. Hammer, CEO Odfjell SE.

Reference is made to the stock exchange announcement of 18 May 2011, in which Odfjell announced its intentions to enter into a strategic partnership with Lindsay Goldberg LLC to grow its tank terminal business in Europe and North America. Odfjell signed definitive agreements for a strategic partnership with Lindsay Goldberg LLC, a US-based private equity firm. The partnership enhances our platform for organic and strategic investments and expansions in the tank terminal business in Europe and North America. We believe there are attractive expansion opportunities in the tank terminal sector and consider Lindsay Goldberg as a reliable long-term partner with a shared strategic view and ambition.

With reference to the stock exchange announcement 13 December 2010 in which Odfjell announced a process to evaluate strategic alternatives for its Rotterdam tank terminal, the Company today informs that it has entered into a letter of intent to form a strategic partnership with affiliates of US-based private equity firm Lindsay Goldberg LLC. The selection of Lindsay Goldberg follows a careful review and discussions with various interested parties. According to the proposed transaction…

Odfjell brought M/T Bow Brasilia (5,870 DWT/built 1997) and a newbuilding from Korea into the Norwegian International Ship Register (NIS). The M/T Bow Brasilia and the 51,000 DWT newbuilding are two out of five vessels that Odfjell has planned to bring into NIS registration in 2010. Odfjell took delivery of the newbuilding on 28 April from SLS Shipbuilding Co Ltd, Korea. The change of flag on Bow Brasilia is due to relocation of chartering, operation and ship management from Germany to Bergen. Odfjell has 25 vessels registered in NIS, and is the largest employer of Norwegian mariners under NIS flag. “If we see the shipping industry getting more stable conditions in the future, we will consider increasing our number of vessels in NIS,” said Jan A. Hammer, President/CEO Odfjell SE.