Odfjell: Chemical Tanker Market Remains Stable
Odfjell SE has reported its results for Third Quarter 2018. The results reflect a stable chemical tanker market and stable underlying results from Odfjell Terminals when adjusting for the Rotterdam terminal.
Odfjell SE reports EBITDA of USD 32 million compared with USD 37 million in the previous quarter.
Highlights for the third quarter of 2018:
• EBITDA of USD 27 million from Odfjell Tankers compared to USD 28 million in second quarter
• ODFIX was down 2.0% for the quarter compared to the general market index declining by 3.7%
• EBITDA of USD 4 million from Odfjell Terminals compared to USD 9 million in second quarter
• USD 16 million of losses related to sale of the Rotterdam terminal that included currency translation and tax losses in addition to transaction costs
• Net results of USD -31 million compared to USD -120 million in last quarter
• Concluded the sale of our Rotterdam terminal in September
“The chemical tanker market remained depressed during the quarter, but we continue to believe that 2018 is the turning point for the chemical tanker markets. Adjusting for the Rotterdam terminal, our terminal division delivered stable results. We have positioned ourselves well for the future, both within tankers and terminals, with one of the most energy efficient fleets in the world”, said Kristian Mørch, CEO of Odfjell SE.