Chemical tanker market remains challenging despite some seasonal improvements in 4Q 2017
Odfjell SE has reported results for 4Q 2017 that reflect a challenging chemical tanker market with some seasonal improvements. The market for terminals improved slightly compared to 3Q. Odfjell reports EBITDA of $41m compared with $37m in the previous quarter.
Highlights for the fourth quarter of 2017 were:
- Net results of $96m compared to $11m previous quarter 2017
- Net results include capital gain of $136m and impairments of negative $43m
- The concluded sale of Odfjell Terminal B.V.’s Singapore terminal contributed with $150m in cash, of which $117m proceeds have been transferred to Odfjell SE
- Odfjell signed a framework agreement with Sinochem for the establishment of a pool of sophisticated chemical tankers, managed by Odfjell SE
CEO of Odfjell SE, Kristian Mørch said: “Our markets have remained challenging in 4Q, but Odfjell continues to make good progress. We have recently achieved our growth ambi-tions by renewing our fleet and participating in the consolidation in a capital efficient way, and we have at the same time strengthened our balance sheet through disposal of non-core assets.”
For more information visit www.odfjell.com
19th Feb 2018
