Odfjell SE: Stable chemical tanker rates, but CPP markets are putting pressure on earnings
Odfjell SE today reported its results for the fourth quarter of 2020. The report shows stable chemical tanker rates, but a very weak CPP market and increasing fuel prices kept pressure on earnings. Highlights for 4Q20 · EBITDA of USD 66 million, compared with USD 72 million in 3Q20 · Net result of USD -3 million compared to USD 4 million last quarter · COA rate renewals were up 2.7% and continue the firming trend · Established two new pools, Odfjell Coated MR and Odfjell Handy pool · Odfjell SE acquired Lindsay Goldberg's indirect 24.5% shareholding in Odfjell Terminals