4Q18 results: A weak chemical tanker market that improved towards the end of the quarter

Odfjell SE today reported its results for the fourth quarter of 2018. The results reflect a weak chemical tanker market that improved towards the end of the quarter, and stable underlying results from Odfjell Terminals.

Odfjell SE reports EBITDA of USD 33 million compared with USD 31 million in the previous quarter. 
Highlights for the fourth quarter of 2018: 

  • Chemical tanker spot rates improved towards the end of 4Q18, which seems to continue into 1Q19 
  • EBITDA of USD 27 million from Odfjell Tankers compared to USD 27 million in 3Q18. EBITDA was impacted by higher G&A in 4Q18 
  • EBITDA of USD 5 million from Odfjell Terminals compared to USD 4 million in the third quarter 
  • Net results of USD -48 million compared to USD -31 million in last quarter before adjusting for non-recurring items 
  • Lindsay Goldberg entered into an agreement to sell its 49% shareholding in Odfjell Terminals US terminals to funds managed by Northleaf Capital Partners 

"4Q18 concluded a challenging year for chemical tankers, but the market improved towards the end of the quarter. This is consistent with our view that the market has healthy fundamentals. We do expect continued volatility, but we believe our  markets have passed the bottom, and we therefore expect improved performance in 1Q19. We are pleased to welcome a new partner in our US terminals that positions us to further develop our US business", said Kristian Mørch, CEO of Odfjell SE. 

Please see below for 4Q18 Report and Presentation. In connection with the quarterly release, Odfjell SE will present the results at Hotel Continental at 09:00 CET, meeting facility "Teatersalen 2", Stortingsgata 24/26, Oslo. A live webcast will simultaneously be available on Odfjell.com (Investor Relations/Reports and Presentations) and at hegnar.no/TV. The presentation will be held in English. 

4Q18 Report   Q418 Presentation 

Investor Relations contact: 
Bjørn Kristian Røed, Manager Investor Relations & Research 
Tel: + 47 55 27 47 33 
E-mail: bkr@odfjell.com 
This information is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act 


Latest stories

Successful completion of tap issue

Odfjell SE has successfully completed a buyback of NOK 275 million under its outstanding senior unsecured bond issue with maturity in June 2022 and ISIN NO0010796238...

Read more

Potential buyback of own bonds and tap issue

Read more

25- and 40-year anniversaries celebrated in Bergen

'You are among our most important role models and are leading by example for the next generation of Odfjell’ers. On behalf of the company: We are proud and grateful to...

Read more