Odfjell has reported full-year revenues of $949.5m for 2019, virtually the same as 2018’s figure. Odfjell Tankers achieved a 2.4% increase in revenues at $871.3m on the back of a gradually improving chemical tanker market, with EBITDA up 70% at $184.4m.
“2019 was the year where the chemical tanker market began its recovery and we continue to believe in further strengthening based on healthy fundamentals,” says CEO Kristian Mørch. “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 new IMO 2020 regulations. We expect further improvements in our results in 1Q20.”
Odfjell has reported revenues from its tank terminal activities of $69.8m for the full year 2019, down from $91.0m a year earlier, although EBITDA improved by 11% to $26.7m. Fourth-quarter revenues and EBITDA were up on the year earlier figures, despite the sale of Odfjell’s interest in the Jiangyin terminal in China during the third quarter. Odfjell says it has been discussing investments in its US and Antwerp facilities with its joint venture partners, with a view to improving and expanding capacity, and that it is also considering selling its interest in its other Chinese terminals alongside Lindsay Goldberg. Further announcements will be made in the coming quarters, Odfjell says.[post_title] => Chemical tanker recovery helps Odfjell [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => chemical-tanker-recover-helps-odfjell [to_ping] => [pinged] => [post_modified] => 2020-04-02 08:54:19 [post_modified_gmt] => 2020-04-02 07:54:19 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hcblive.com/?p=16375 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )