Odfjell SE 2Q19: Improved results from Odfjell Tankers as spot and COA rates begin to recover

Odfjell SE today reported its results for the second quarter of 2019. The results reflect an improving chemical tanker spot market and improved contract renewal rates.

Highlights for the second quarter of 2019:

• The chemical tanker market continued to improve
• EBITDA of USD 57 million, compared with USD 47 million in 1Q19
• EBITDA of USD 50 million from Odfjell Tankers compared with USD 40 million in 1Q19. Excluding the effect from IFRS 16, Odfjell Tankers EBITDA improved to USD 37 million in 2Q19 vs USD 27 million in 1Q19
• EBITDA of USD 6 million from Odfjell Terminals compared to USD 7 million in 1Q19
• Net result of USD -10 million compared to USD -15 million last quarter
• Spot rates on main trade lanes improved by 7% compared to 1Q19, and Odfjell’s COA rates (renewals) are up 6% YTD 2019

"We are pleased to report continued improvements in our results for the second quarter. The improvement in both spot and COA rates are still modest, but we continue to believe that we are at an early stage in the recovery of the chemical tanker market. We expect the next quarter to be slightly affected by seasonal slowdown in the chemical tanker market, but we still expect to report figures in line with the second quarter", said Kristian Mørch, CEO of Odfjell SE.

Please see attached for 2Q19 Report and Presentation. In connection with the quarterly release, Odfjell SE will present the results in a live webcast at 11:00 CET today. Follow the webcast at Odfjell.com or HegnarTV. The presentation will be held in English.

IR contact:
Bjørn Kristian Røed
Tel: +47 40 91 98 68
E-mail: bkr@odfjell.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

About Us

Odfjell SE is a company specializing in worldwide seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet comprises around 80 ships in total, mainly registered in Norway (NIS) and primarily manned by Norwegian and Filipino mariners. The fleet transports more than 600 different kinds of liquids, including organic and inorganic bulk liquid chemicals, acids, animal fats, edible oils, portable alcohols and clean petroleum products. Odfjell has a wide range of customers, from the oil majors and largest chemical manufacturers to smaller logistical companies and traders. The tank terminal division consists of six tank terminals, located in Belgium, USA, South Korea and China. Odfjell Terminals is also part of a network in South America, consisting of another 13 tank terminals partly owned by related parties. Odfjell has offices in 14 locations around the world, and is headquartered in Bergen, Norway. The company employs around 2,300 people and posted annual gross revenue of USD 851 million in 2018. Read more on Odfjell.com.