Odfjell SE 3Q18: Chemical tanker market remained unchanged from previous quarter

Odfjell SE today reported its results for Third Quarter 2018. The results reflect a stable chemical tanker market and stable underlying results from Odfjell Terminals when adjusting for the Rotterdam terminal.

Odfjell SE reports EBITDA of USD 32 million compared with USD 37 million in the previous quarter.

Highlights for the third quarter of 2018:
• EBITDA of USD 27 million from Odfjell Tankers compared to USD 28 million in second quarter
• ODFIX was down 2.0% for the quarter compared to the general market index declining by 3.7%
• EBITDA of USD 4 million from Odfjell Terminals compared to USD 9 million in second quarter
• USD 16 million of losses related to sale of the Rotterdam terminal that included currency translation and tax losses in addition to transaction costs
• Net results of USD -31 million compared to USD -120 million in last quarter
• Concluded the sale of our Rotterdam terminal in September

“The chemical tanker market remained depressed during the quarter, but we continue to believe that 2018 is the turning point for the chemical tanker markets. Adjusting for the Rotterdam terminal, our terminal division delivered stable results. We have positioned ourselves well for the future, both within tankers and terminals, with one of the most energy efficient fleets in the world”, said Kristian Mørch, CEO of Odfjell SE.

Please see attached for the Third Quarter 2018 Report and Presentation. In connection with the quarterly release, Odfjell SE will hold a conference call at 09:30 CET, which will be immediately followed by a Q&A session.

To participate in the conference call:

Tel:+47 23 50 01 87
Confirmation code: 6973038

A live audiocast will simultaneously be available on Odfjell.com (Investors/Reports and Presentations) and at HegnarTV.

The presentation will be held in English.

IR contact: Bjørn Kristian Røed, Manager Investor Relations & Research
Tel: + 47 55 27 47 33
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 90 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 12 tank terminals partly owned by related parties. Odfjell has offices in 13 locations around the world, and is headquartered in Bergen, Norway. The company employs around 2,300 people and posted annual gross revenue of USD 872 million in 2019. Read more on Odfjell.com.