Odfjell SE Reports Progress in Chemical Tanker Market

MarineLink.com
Friday, August 23, 2013

Odfjell released its second quarter 2013 results and reported a EBITDA of $6 million in the second quarter is reflecting a better utilization of our chemical tanker fleet and a somewhat better market. The company said time charter results are up 8% compared with last quarter.

Odfjell said the second quarter of 2013 turned out better than expected due to better fleet utilization and a somewhat better chemical tanker market. We experienced steady nomination of contract cargos and improved spot rates. Earnings on a time-charter basis ended up 8% compared to the previous quarter, and the average freight rate per metric ton shipped increased by 2%.

In second quarter our 51% shareholding in tank terminals business contributed an EBITDA of $7 million, compared to $9 million in the previous quarter.

In June Odfjell concluded the transaction with Lindsay Goldberg to expand our existing partnership to include substantially all tank terminal assets. Several new tank terminal projects are being developed in China, U.S. and Europe. In June we signed an agreement to enter into a joint venture with the Founder Group to become 50/50 partners for the development of a petrochemical tank terminal in Quanzhou, Fujian Province, China. In August we signed a Letter of Intent to purchase Chem-Marine Corporation in South Carolina, U.S. Chem-Marine controls a 10.2 hectare site and is located adjacent to our tank terminal currently under construction in Charleston, South Carolina.

Chinese growth is at a somewhat lower level than expected, and is poised for the weakest expansion since 1990. Key Euro zone statistics have favorably surprised the markets in the past quarter. The development of the U.S. shale gas industry is providing cheaper energy and feedstock for the U.S. chemical industry.

Based on the above macro-economic picture, and the fact that there are no material changes to the supply/demand situation, we believe that the next 12-24 months will see an improvement in our segments. However, given the continued underperforming overall global economic growth, combined with the "supply overhang" of ships we only expect the second half results of 2013 to be moderately better than the previous two quarters

odfjell.com
 

Maritime Today


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

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

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

News

US Oil Drillers Add Rigs for 4th Week in 5

U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the

Vale Sells 3 Valemax Iron Ore Ships to ICBC

Brazil's Vale SA said it has sold three of its giant "Valemax" iron ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload

Fincantieri Launches Silver Muse

Silver Muse, the new ultra-luxury cruise ship which Fincantieri is building for the ship owner Silversea Cruises, was launched at Fincantieri’s shipyard in Genoa Sestri Ponente.

People in the News

NORDEN’s Dry Cargo Head Bonderup Resigns

Ejner Bonderup, Executive Vice President and member of the Executive Management in Dampskibsselskabet NORDEN A/S, has resigned from his position to take up a position in another shipping company.

Fincantieri: Silver Muse Launched in Sestri

“Silver Muse”, the new ultra-luxury cruise ship which Fincantieri is building for the shipowner Silversea Cruises, was launched today at Fincantieri’s shipyard in Genoa Sestri Ponente.

ClassNK Sets up Industry's first Digital Archive Center

ClassNK has established ClassNK Archive Center (NKAC), the maritime industry’s first onshore digital archive center that fully complies with IMO Goal-based ship

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Simulators Shipbuilding / Vessel Construction 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: 0.1173 sec (9 req/sec)