Improvement in time-charter results in the fourth quarter and continued solid results from tank terminals sees Odfjell post a net profit for 2011 of USD 269 million including capital gain of USD 294 million. Net result fourth quarter closed at negative USD 8 million.
EBITDA for 2011 closed at USD 113 million, compared with USD 94 million for the preceding year. EBIT for the year came in at USD 21 million, compared with a loss of USD 36 million for 2010.
Bunker prices remain high and are negatively impacting trading results. Despite this, time-charter results rose by 4.3% against the fourth quarter of 2010 and are 2.6% up on the third quarter.
In January Odfjell signed an agreement to enter into a joint venture via its subsidiary Odfjell Terminals Asia Pte Ltd (Singapore), with Tianjin Economic-Technology Development area, via its subsidiary Nangang Port Company, to develop terminal and marine facilities for bulk liquid chemicals, petroleum products and gases in China.
We expect to see continued gradual improvements in our operating results in the first quarter of 2012 compared with the fourth quarter of 2011.
Please find the full Q4 2011 Report and the quarter presentation attached.
Presentation
A presentation will be held on 8 February at 14:00 CET at DNB, Stranden 21 in Aker Brygge, Oslo. The presentation and subsequent Q&A will be held in Norwegian.
If you wish to attend the presentation in Oslo, please confirm by e-mailing gina.anonli@odfjell.com or calling Gina Jamt Ånonli on + 47 55 27 46 95 by 8 February.
For more information, please contact: Terje Iversen, CFO at Odfjell SE, on + 47 55 27 00 00 or by e-mail at: terje.iversen@odfjell.com
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
