2013-08-23 08:04:03 -
EBITDA of USD 36 million in the second quarter is reflecting a better
utilization of our chemical tanker fleet and a somewhat better market. Time
charter results are up 8% compared with last quarter.
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 cargoes and improved spot rates. Earnings on a time-
charter basis ended up 8% compared to the previous quarter, and the average
freight rate per tonne shipped increased by 2%.
In second quarter our 51% shareholding in tank terminals business contributed an
EBITDA of USD 7 million, compared to USD 9 million in the previous quarter.
In June Odfjell concluded the transaction with Lindsay Goldberg to expand our
to include substantially all tank terminal assets. Several
new tank terminal projects are being developed in China, USA 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, USA. 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 favourably surprised
the markets in the past quarter. The development of the US shale gas industry is
providing cheaper energy and feedstock for the US 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 to
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
Please find the full second quarter 2013 Report and Presentation attached.
For more information:
Jan A. Hammer, President/CEO Odfjell SE
Tel.: + 47 55 27 00 00
Terje Iversen, CFO Odfjell SE
Tel.: + 47 55 27 00 00
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Second quarter presentation 2013:
Second quarter report 2013:
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Odfjell SE via Thomson Reuters ONE