Odfjell SE Q 2016: Strongest quarterly EBITDA since 2008

Odfjell's competitiveness continues to improve. Net result first quarter 2016 was USD 24 millions, with improved EBITDA of USD 69 millions compared to USD 45 million last quarter. We have significant reduction in voyage expenses compared to previous quarters mainly due to expiry of bunker hedges. Odfjell Terminals continues to improve with first profitable quarter since 2013.

- We are pleased to see the increasing benefits from our cost cutting and efficiency programme last year, which is now fundamentally changing the competitiveness of Odfjell, says Kristian Mørch, CEO Odfjell SE.

For Chemical Tankers the first quarter was a stronger quarter than the previous in terms of net earnings, with the majority of our vessel classes delivering improved performance. EBITDA in the first quarter was USD 56 million compared with USD 33 million in the fourth quarter 2015.  

Odfjell's shareholding in the tank terminals business delivered an EBITDA of USD 11.9 million the first quarter, up from USD 11.4 mill in the previous quarter. Performance was driven in part by revenues from storage and PID distillation in Rotterdam and stable result for the other terminals. The occupancy rate of commercially available capacity for Odfjell Terminals was 98%.

We now consider it likely that we will cancel the four 17,000 cbm gas carriers, in which case we will evaluate our strategic options also for our remaining investments in gas.

Please find enclosed 1Q16 Report and Presentation.

For more information:

Kristian Mørch, CEO Odfjell SE
Tel: + 47 55 27 00 00
E-mail: kristian.morch@odfjell.com

Terje Iversen, CFO/SVP Finance
Tel: + 47 55 27 00 00
E-mail: terje.iversen@odfjell.com