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

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

People in the News

New Satcom Global Website in Oceania

Today, Satcom Global launched its Australian website, www.satcomglobal.com.au, which will offer a platform to better support our valued channel partners and customers in the region.

Man Earns Jail Time for Hoax Coast Guard Calls

A man found guilty of making numerous hoax calls to the U.K. Coastguard has been jailed for four months, the U.K. Maritime and Coastguard Agency (MCA) reported.

The Maritime Person of the Year

The Massachusetts Maritime Academy’s annual salute to ‘the person of the year’ this year spotlights McAllister Towing and Transportation Co. and its leadership team.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.2086 sec (5 req/sec)