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12 February 2015 Odfjell SE has initiated a restructuring plan that, when fully implemented, is estimated to improve the net result by in excess of USD 100 million on a yearly basis within year end 2016. The cost savings initiatives are related to operating expenses, general and administrative expenses, trade optimisation and bunker consumption. The items related to operating expenses and general and administrative expenses are expected to account for in excess of 50 percent of the improved result. Through these changes we will initiate a route back to reach our goal of being a profitable global provider of transportation of liquid chemicals. Fourth quarter shows EBITDA of USD 25 million, compared to USD 19 million in the third quarter. Net result for the quarter ended at negative USD 18 million, compared to negative USD 9 million in the last quarter. EBITDA for the full year 2014 shows and EBITDA of USD 66 million compared to USD 41 million in 2013. The Odfjell chemical freight index (ODFIX) was up more than 10% compared with last quarter. The time-charter result was down 6% due to bunker hedging. The results for gas carriers improved on underlying operations for the fourth quarter were up from previous quarter due to stronger market conditions. With the exception of the tank terminals in Rotterdam and Charleston, the terminal results were positive and in line with the previous quarter. The tank terminal group, excluding our terminal in Rotterdam, improved the gross occupancy compared with last quarter to 96% from 92%. We expect first quarter of 2015 to improve from the fourth quarter 2014 for our chemical tankers on a reduced cost base. With regard to terminals, we expect increased utilization and result improvements at Odfjell Terminals (Rotterdam) and continued stable financial results from the other terminals. Please find 4Q14 report and presentation: 4Q14 report 4Q14 presentation The Odfjell Group is one of the leading players in the global market for seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet comprises of approximately 80 ships, which trade both globally and regionally. The tank terminal division consist of 12 tank terminals and is part of a network of another 13 tank terminals partly owned by related parties. The tank terminals are strategically located within important shipping hubs around the world. The Odfjell Group’s headquarter is in Bergen, Norway, and the Group has more than 20 offices internationally. Odfjell employs around 3,400 staff and posted annual gross revenue of USD 1.2 billion in 2013. Odfjell press release |
