Odfjell SE first quarter results 2017: Stable underlying operational performance despite a challenging market
(Thomson Reuters ONE) -
Odfjell SE today reported results for Q1 2017. The results reflect the continued
softness in the chemical tankers market, however underlying operational
performance remains stable with EBITDA of USD 46 mill compared to 48 mill in Q4
2016.
Odfjell presents slightly improved revenue despite a highly competitive market
with rising bunker prices.
Highlights for the first quarter of 2017:
* Odfjell chemical freight index up 1.3% compared to previous quarter
* Chemical Tankers EBITDA: USD 36 mill, which is identical to fourth quarter
2016. Fleet renewal programme for large stainless steel chemical tankers
nearly completed
* Odfjell Terminals: Stable results. A process is initiated to explore the
potential sale of our share in Oiltanking Odfjell Terminals Singapore
* Odfjell Terminals continues the development of the first dedicated ethylene
export terminal in the US at our Houston facility in Texas. Final investment
decision is not taken
* The Board of Directors has recommended a dividend of NOK 1.50 per share to
be voted on at the Company's Annual General Meeting 11 May
"We expect 2017 to remain challenging, but our underlying operational
performance is stable. Over the past two quarters we have taken crucial steps in
renewing our core fleet at a very low point in the price cycle", said Kristian
Mørch, CEO of Odfjell SE.
Prospects:
2017 remains challenging, and we expect the 2Q17 timecharter results to be
marginally lower than 1Q17. In a long-term perspective, we believe our markets
to be fairly balanced and to gradually improve.
Please see attached for the First Quarter 2017 Report and Presentation. The
results will be presented by CEO Kristian Mørch and CFO/SVP Finance Terje
Iversen via webcast and will be will be available 11 May from 15:30 CET at
Odfjell.com in the Investor Relations/Reports and Presentations section.
For more information:
Kristian Mørch
CEO, Odfjell SE
Tel: +47 55 27 00 00
E-mail: kristian.morch(at)odfjell.com
Terje Iversen
CFO/SVP Finance, Odfjell SE
Tel: +47 55 27 00 00
E-mail: terje.iversen(at)odfjell.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Odfjell SE 1Q17 Presentation:
http://hugin.info/156/R/2103892/798246.pdf
Odfjell SE 1Q17 Report:
http://hugin.info/156/R/2103892/798258.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Odfjell SE via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2017 - 15:24 Uhr
Sprache: Deutsch
News-ID 541929
Anzahl Zeichen: 3180
contact information:
Town:
Bergen
Kategorie:
Business News
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