Odfjell SE reported its results for the first quarter of 2020. The report shows improved results driven by increased earnings in Odfjell Tankers as a consequence of an improved chemical tanker market. This led to positive underlying net results for Odfjell SE, the company said in its release.
Highlights for 1Q20
EBITDA of USD 66 million, compared to USD 58 million in 4Q19
EBITDA of USD 58 million from Odfjell Tankers compared to USD 50 million in 4Q19
EBITDA of USD 8 million from Odfjell Terminals compared to USD 8 million in 4Q19
Net result of USD -4 million compared to USD -10 million in the last quarter
Adjusted for non-recurring items, net results were USD 1 million in 1Q20 compared to adjusted net results of USD -7 million in the last quarter
Spot rates on main tradelanes improved by 6% compared to 4Q19, and the COA rate renewals were up 5% in 1Q20. Attractive refinancing secured for Odfjell Terminals USA, positioning the Houston terminal for accretive growth. Odfjell SE did not experience any operational disturbances or unexpected cost from the IMO 2020 transition
So far no significant disruptions in operations resulting from Covid-19, but the company expects that demand will be negatively affected by a global economic impact caused by the pandemic.