Odfjell SE 3Q16: A good quarter despite challenging markets

EBITDA of USD 60 million and a net result of USD 16 million in third quarter compared to an EBITDA of USD 61 million and a net result of USD 16 million in previous quarter of 2016. Balance sheet continues to strengthen.

The downward trend in freight rates we observed in 2Q continued through 3Q, however contract nominations and efficient allocation of our fleet softens the impact of the weaker market. The Chemical Tanker segment delivered an EBITDA of USD 48 million and an EBIT of USD 25 million, same as previous quarter. 

Odfjell's shareholding in the Tank Terminal segment continue to deliver stable results. EBITDA of USD 11.6 million in third quarter compared with USD 12.1 million in the previous quarter. The occupancy rate of commercially available capacity was 96%, compared to 97% last quarter.

"Our markets continue to be challenging, but we continue to see improvements in our competitiveness, which softens the impact on the Odfjell results. The sale of the Oman terminal at an attractive valuation shows some of the underlying value in our terminal business" says Kristian Mørch, CEO of Odfjell SE.

Please see attached 3Q16 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

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