[ID] => 11000
[post_author] => 34
[post_date] => 2019-05-08 12:13:02
[post_date_gmt] => 2019-05-08 11:13:02
[post_content] => Odfjell has reported first quarter EBITDA of $47.2m, well up on the previous quarter’s figure of $32.7m and the first quarter 2018 level of $33.9m. Adjusted EBITDA from Odfjell Tankers rose from $23m in fourth quarter 2018 to $27m.
“The chemical tanker markets improved in the first quarter and we expect the trend to continue as a result of the strong fundamentals in our markets, and a firming tanker market in general,” says CEO Kristian Mørch. “We decided not to aggressively pursue or extend contracts at the historically low markets at the end of 2018. This reduces our COA portfolio but also increases our exposure in the firming market. We expect to continue to improve our performance in the coming quarter."
Odfjell Terminals posted first-quarter EBITDA of $6.7m, up on the $6.3m recorded a year earlier. Average tank occupancy held steady at 96%. Odfjell notes that it will close its Rotterdam headquarters in June and will thereafter be controlled from the corporate head office in Bergen, helping to reduce costs. As a result, Frank Erkelens will step down as CEO of Odfjell Terminals during the year.
[post_title] => Chemical tanker upturn helps Odfjell
[post_status] => publish
[comment_status] => open
[ping_status] => open
[post_name] => chemical-tanker-upturn-helps-odfjell
[post_modified] => 2019-05-08 12:13:02
[post_modified_gmt] => 2019-05-08 11:13:02
[post_parent] => 0
[guid] => https://www.hcblive.com/?p=11000
[menu_order] => 0
[post_type] => post
[comment_count] => 0
[filter] => raw
Chemical tanker upturn helps Odfjell
// By Peter Mackay on 8 May 2019
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