4Q19 results: Improved results driven by a continued recovery in Odfjell Tankers

Feb 11, 2020

Odfjell SE today reported its results for the fourth quarter of 2019 which ended on a strong note.

Highlights for 4Q19:

• Improving results driven by continued recovery in the chemical tanker markets

• EBITDA of USD 58 million, compared with USD 51 million in 3Q19

• EBITDA of USD 50 million from Odfjell Tankers, compared with USD 45 million in 3Q19

• EBITDA of USD 8 million from Odfjell Terminals, compared to USD 6 million in 3Q19

• Net result of USD -10 million compared to USD -1 million last quarter

• Adjusted for non-recurring items, net results were USD -7 million in 4Q19, compared to adjusted net results of USD -15 million last quarter

• Spot rates on the main tradelanes increased by 12% compared to 3Q19, and the COA rate renewals were up 6.5% in 2019

• December 2019 was the first month with profit from underlying operations since 2017

• The outcome and development of the Coronavirus has become a risk factor and may impact demand going forward

Kristian Mørch, CEO of Odfjell SE: "2019 was the year were the chemical tanker market began its recovery, and we continue to believe in further strengthening based on healthy fundamentals. The start of 4Q19 was negatively impacted by geopolitical tension in the Middle East, but the quarter ended on a strong note. We have also experienced a successful transition to the use of new compliant fuel in line with the IMO 2020 regulations. We expect further improvements in our results in 1Q20".

Full report

Odfjell press release