Odfjell SE: Chemical tanker market remains challenging despite some seasonal improvements in 4Q 2017

 

Odfjell SE today reported results for 4Q 2017. The results reflect a challenging chemical tanker market with some seasonal improvements. The market for terminals improved slightly compared to 3Q. Odfjell reports EBITDA of USD 41 mill compared with USD 37 mill in the previous quarter.

 

Highlights for the fourth quarter of 2017:

· Net results of USD 96 mill compared to -USD 11 mill previous quarter 2017 

· Net results include capital gain of USD 136 mill and impairments of negative USD 43 mill 

· The concluded sale of Odfjell Terminal B.V.'s Singapore terminal contributed with USD 150 mill in cash, of which USD 117 mill 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

· Based on the Company's profit from the sale of the Singapore terminal, the Board proposes a dividend of NOK 1.50 per share. The dividend is subject to shareholders approval and will be voted on at the Company's Annual General Meeting, scheduled for 8 May 2018 

 

"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", said Kristian Mørch, CEO of Odfjell SE.

 

Please see attached for the Fourth quarter 2017 Report and Presentation. The results will be presented by CEO Kristian Mørch and CFO Terje Iversen at 09:30 today, 15 February, at Felix Conference Centre, meeting facility "Norden", Bryggetorget 3, Aker Brygge, Oslo. A live webcast will simultaneously be available on Odfjell.com (Investor Relations/Reports and Presentations).