Odfjell SE: Odfjell SE: Improved earnings despite continued high bunker costs

EBITDA first quarter 2012 of USD 41 million reflects improved earnings in the chemical tanker segment.

The first quarter of 2012 saw reasonably high activity levels and firm demand on the shipping side. Contract rate renewals were generally up and our customers fully utilised the available volumes under the contracts. Our earnings on a time charter basis increased by about 8%.

So far in the second quarter of 2012, shipping activity is slower with less demand in many areas and trade lanes. Bunker prices are currently decreasing, and if the trend continues, may offset some of the challenges we are faced with in the second quarter.

The tank terminals operated at 97% commercial capacity utilisation. In particular, the Asian terminals performed well in this quarter. Tank terminal earnings remain steady.

CEO Jan Hammer is pleased with the improved earnings in the quarter. "Even though there is lower activity in the chemical tanker market so far in the second quarter we remain confident that the market will improve over the coming years", Mr. Hammer says.

At the Annual General Meeting on 8 May it was resolved to expand Odfjell SE's Board by one director. Jannicke Nilsson was elected to the Board.

For more information, please contact:
Jan A. Hammer President/CEO
phone: + 47 55 27 00 00
email: [e-mail] (mailto:[e-mail])
Terje Iversen, CFO
phone: + 47 55 27 00 00
email: [e-mail] (mailto:[e-mail])

Please find attached 1^st quarter report 2012 and presentation.

Conference call

On Wednesday, 9 May 2012 Jan A. Hammer, President/CEO and Terje Iversen, Senior Vice President/ CFO in Odfjell will present the first quarter 2012 results at 11:00 CET in a conference call. There will be opportunity to ask questions.

Participant telephone numbers:
UK [phone]
USA [phone]
Norway [phone]
Code: 9152743

Webcast
A live webcast will simultaneously be available on www.odfjell.com (http://www.odfjell.com/) (Investor Centre/Reports and Presentations).

 

 

 

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

First Quarter Presentation (http://hugin.info/156/R/1610002/511713.pdf)
First Quarter Report 2012 (http://hugin.info/156/R/1610002/511579.pdf)

---

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Odfjell SE via Thomson Reuters ONE

HUG#1610002