Odfjell SE : Steady earnings for Odfjell in third quarter
(Thomson Reuters ONE) -
EBITDA of USD 37 million is reflecting stable earnings both from chemical
tankers and tank terminals in the third quarter.
For the chemical tankers business, activity over the summer and through the
third quarter held steady and was in line with the second quarter on both
contract nominations and spot activity.
In September Odfjell signed shipbuilding contracts with Nantong Sinopacific
Offshore & Engineering Co., Ltd for the construction of four LPG/Ethylene
carriers of 17,000 cbm. This newbuilding order is an important step in our
strategy to grow and become a significant operator in the gas market.
Our shareholding in tank terminals business contributed an EBITDA of USD 7
million in third quarter, the same as in previous quarter. With the exception of
Odfjell Terminals (Rotterdam) (OTR), terminal results were largely in line with
expectations. OTR is working on a revised business plan, scheduled to be
completed within year end, and has decided to possibly redevelop most of the
older areas of the terminal. Current book value of OTR assets is USD 241
million. As a possible consequence of the revised business plan, impairment of
certain OTR assets, including customer relationships and goodwill totalling net
USD 54 million, will be evaluated.
The US economy and the US dollar are finally looking up, which is good news for
our business generally. The European economy is still lagging but is showing
modest improvement. The big question is the strength of China's economy.
Excessive credit growth, rising local government debt and weaker export momentum
may cap the recovery, from the last two quarters of slowdown.
Based on the above we expect a slow but steady increase in demand for our
services. We expect the final quarter of 2013 to be similar to or slightly
better for our chemical tankers than the third quarter. As to terminals, with
the exception of Odfjell Terminals (Rotterdam), we expect continued stable
results.
Please find the full third quarter 2013 Report and Presentation attached.
For more information:
Jan A. Hammer, President/CEO Odfjell SE
Tel.: + 47 55 27 00 00
E-mail:jan.hammer(at)odfjell.com
or
Terje Iversen, CFO Odfjell SE
Tel.: + 47 55 27 00 00
E-mail: terje.iversen(at)odfjell.com
Third Quarter Report 2013:
http://hugin.info/156/R/1743081/586203.pdf
Third Quarter Presentation 2013:
http://hugin.info/156/R/1743081/586204.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Odfjell SE via Thomson Reuters ONE
[HUG#1743081]
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 316439
Anzahl Zeichen: 3262
contact information:
Town:
Bergen
Kategorie:
Business News
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