Odfjell SE first quarter results 2017: Stable underlying operational performance despite a challenging market
Odfjell SE today reported results for Q1 2017.
The results reflect the continued softness in the chemical tankers market, however underlying operational performance remains stable with EBITDA of USD 46 mill compared to 48 mill in Q4 2016.
Odfjell presents slightly improved revenue despite a highly competitive market with rising bunker prices.
Highlights for the first quarter of 2017:
• Odfjell chemical freight index up 1.3% compared to previous quarter
• Chemical Tankers EBITDA: USD 36 mill, which is identical to fourth quarter 2016. Fleet renewal programme for large stainless steel chemical tankers nearly completed
• Odfjell Terminals: Stable results. A process is initiated to explore the potential sale of our share in Oiltanking Odfjell Terminals Singapore
• Odfjell Terminals continues the development of the first dedicated ethylene export terminal in the US at our Houston facility in Texas. Final investment decision is not taken
• The Board of Directors has recommended a dividend of NOK 1.50 per share to be voted on at the Company's Annual General Meeting 11 May
"We expect 2017 to remain challenging, but our underlying operational performance is stable. Over the past two quarters we have taken crucial steps in renewing our core fleet at a very low point in the price cycle", said Kristian Mørch, CEO of Odfjell SE.
2017 remains challenging, and we expect the 2Q17 timecharter results to be marginally lower than 1Q17. In a long-term perspective, we believe our markets to be fairly balanced and to gradually improve.
Please see attached for the First Quarter 2017 Report and Presentation. The results will be presented by CEO Kristian Mørch and CFO/SVP Finance Terje Iversen via webcast and will be will be available 11 May from 15:30 CET at Odfjell.com in the Investor Relations/Reports and Presentations section.
For more information:
CEO, Odfjell SE
Tel: +47 55 27 00 00
CFO/SVP Finance, Odfjell SE
Tel: +47 55 27 00 00