Odfjell SE 2Q 2016 and First Half 2016

Still going steady in challenging markets

EBITDA of USD 61 million and a net result of USD 16 million in second quarter compared to an EBITDA of USD 69 million and a net result of USD 24 million in previous quarter of 2016. First half 2016 EBITDA of USD 129 million compared to first half 2015 EBITDA of USD 88 million. Balance sheet also continues to strengthen.

"Our markets are currently challenging, but we are pleased to see that the increased competitiveness of Odfjell means that we continue to generate positive results"

Kristian Mørch, CEO, Odfjell SE

The chemical tanker spot market was softer this quarter, however, utilization remained high due to stable contract nominations and agility in the spot market. EBITDA for the Chemical Tanker segment was USD 48 million in second quarter compared to USD 56 million in the first quarter of 2016.

We have signed a Letter of Intent with a reputable state-owned Chinese shipyard for construction of a series of four firm stainless steel super segregators. A final contract is expected to be signed in 2H 2016. The capital commitments will be around USD 240 mill.

Odfjell's shareholding in the Tank Terminal segment delivered stable results. EBITDA of USD 12.1 million in second quarter, basically flat from USD 11.9 million in the previous quarter of 2016. The occupancy rate of commercially available capacity was 97%, compared to 98% last quarter. 

The two first vessels in Odfjell Gas' newbuilding programme have been cancelled and all paid instalments have been returned by the guarantor.

Odfjell SE 2Q16 Report    Odfjell SE 2Q16 Presentation

Published August 25, 2016​

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