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Odfjell Group Interim / Quarterly Report 2010
3700_rns_2010-05-04_3d1021ef-0b1a-4a19-a6ea-968919bb127f.pdf
Interim / Quarterly Report
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REPORT 1. QUARTER 2010
ODFJELL
STORAGE AND CARRIER FOR EVERYDAY LIFE
Report 1st Quarter 2010
ODFJELL SE – CONSOLIDATED
- Net result a loss of USD 4 million, EBITDA of USD 49 million and EBIT of USD 10 million
- Continued strong results from tank terminals
- Stable time-charter results compared to fourth quarter 2009
- Contribution of USD 12 million to EBITDA from hedging of bunkers and currency
- Four ships sold for recycling
Results
The consolidated net result after tax ended at a loss of USD 4 million first quarter 2010, compared to a loss of USD 8 million first quarter 2009.
Time-charter results per day first quarter 2010 dropped by about 23% compared to the same quarter in 2009, primarily due to lower average freight rates and less volume.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) first quarter 2010 ended at USD 49 million compared to USD 51 million first quarter last year. The operating result (EBIT) closed at USD 10 million first quarter 2010 as compared to USD 15 million the same period last year.
Operating expenses were lower partly due to a combination of a reduced fleet and cost saving initiatives, while general and administrative expenses were stable compared to same period last year. Net financial expenses first quarter 2010 were USD 9 million, compared to USD 18 million first quarter 2009. This decrease is due to a gain on financial instruments and elimination of interest expenses on the retroactive tax imposed on us in 2007. The average USD/NOK exchange rate first quarter 2010 was 5.87, compared to 6.86 in the same period last year. The NOK weakened against the USD from 5.76 at year-end 2009 to 5.98 at 31 March 2010. Taxes came at a cost of USD 5 million first quarter 2010, the same as in first quarter 2009.
Business Segments
Parcel Tankers
EBITDA first quarter 2010 for our parcel tankers was USD 19 million, compared to USD 24 million in the same period 2009. Operating result (EBIT) shows a loss of USD 11 million in first quarter 2010, compared to a loss of USD 5 million last year. Time-charter results expressed in USD per day dropped by 23% in first quarter 2010 compared to the same quarter 2009, but were stable compared to fourth quarter last year. Volumes and nominations under COAs also remained stable compared to last quarter. The average cost of bunkers in first quarter 2010 was USD 366 per ton (including compensation related to bunker escalation clauses and hedging), compared to USD 390 per ton same quarter last year and USD 416 per ton fourth quarter 2009. Bunker hedging gave an income of USD 10 million first quarter 2010 compared to USD 1 million fourth quarter 2009.
Operating expenses on a comparable fleet basis were about 3% lower in first quarter 2010 as compared to the full year 2009 figure. In February Odfjell Tankers took the MT Southern Jaguar (19,997 DWT/built 2009), fully stainless steel and 20 segregations, on two years time charter for worldwide trading. During first quarter, four ships, Bow Maasslot, Bow Maasstroom, Bow Power and Bow Fighter were sold for recycling at a combined net loss of about USD 1 million.
Late April Odfjell took delivery of one 51,000 DWT IMO III product tanker from SLS Shipbuilding Co Ltd, Korea.
In March the Norwegian Government proposed changes to the tonnage tax system as a result of the Supreme Court's verdict that the previous transition rules were unconstitutional. The proposal suggests that companies may elect to stay in the old system or alternatively pay an exit-tax related to the old system in order to be allowed into the new system.
For Odfjell, the currently proposed exit-tax is estimated to USD 45 million, payable during the years 2011 through 2013.
Odfjell has been notified that Sevmash, the shipyard against which Odfjell won an award of USD 45 million, including refund of expenses, in the arbitration last year in Stockholm, unilaterally announced it will not pay the amount awarded. This means, unfortunately, that Odfjell has to formally seek
enforcement of the payment through the courts in Russia. The timing of such process is difficult to assess, but will certainly lead to a delayed payment of the outstanding award plus interest of 8.5% p.a. as from 30 December 2009. Odfjell has made contact with the Norwegian authorities to seek assistance and guidance related to a potential process against a corporation fully owned by the Russian State.
Tank Terminals
First quarter 2010 EBITDA ended at USD 30 million, up from USD 27 million in the same period last year. EBIT first quarter 2010 shows USD 21 million, compared to USD 20 million last year. EBITDA of Odfjell Terminals (Rotterdam) was USD 13.7 million in first quarter 2010 compared to USD 14.9 million last year. Odfjell Terminals (Houston) ended with an EBITDA of USD 7.7 million in first quarter 2010, compared to USD 6.8 million in 2009. Odfjell's share of the terminals in Korea, Singapore, Oman and China turned in an EBITDA of USD 8.1 million.
Key Figures
Return on equity was negative 1.2% and return on total assets 1.2%. Return on capital employed (ROCE) was 1.9% first quarter 2010.
Earnings per share amounted to negative USD 0.04 (NOK 0.25) first quarter 2010, compared to negative USD 0.08 (NOK 0.58) in 2009. Cash flow per share was USD 0.43 (NOK 2.51), compared to USD 0.33 (NOK 2.28). As per 31 March 2010 the Price/Earnings ratio (P/E) was negative and the Price/Cash flow ratio was 4.5. Based on book value the Enterprise Value (EV)/EBITDA multiple is 11.3 while, based upon market capitalisation as per 31 March 2010, the EV/EBITDA multiple was 10.1. Interest coverage ratio (EBITDA/Net interest expenses) was 5.5 first quarter 2010, compared to 4.1 the corresponding quarter last year.
Finance
Cash and cash equivalents and available-for-sale investments as of 31 March 2010 increased to USD 189 million from USD 184 million as of 31 December 2009. We had undrawn amounts of USD 32 million under our credit facilities as per 31 March 2010.
Interest bearing debt decreased from USD 1,576 million year-end 2009 to USD 1,555 million as per 31 March 2010. Net interest bearing debt was USD 1,366 million as per 31 March 2010. The equity ratio was 33.0% as per 31 March 2010 and the current ratio was 1.4.
Shareholder Information
At the end of first quarter 2010 the A-shares were trading at NOK 47.00 (USD 7.86), down 9.6% compared to NOK 52 (USD 9.03) year-end 2009. The B-shares were trading at NOK 46.5 (USD 7.78), down 7.00% from NOK 50 (USD 8.69) year-end 2009. By way of comparison, the Oslo Stock Exchange benchmark index increased by 1.4%, the marine index increased by 8.2% and the transportation index increased by 8.6% during the first quarter.
The market capitalisation of Odfjell was NOK 3.7 billion (USD 620 million) as per 31 March 2010.
On 2 March 2010 ChemLog Holdings Limited ("ChemLog") sold 13,802,366 A-shares in Odfjell SE at a price of NOK 44.00 per share. In addition, ChemLog terminated a total return swap agreement (TRS) for 3,000,000 A-shares which subsequently were sold at NOK 44.00 per share as part of the total transaction.
Following the transaction ChemLog owns no A-shares and 20,500 B-shares in Odfjell SE. At the same time, Odfjell SE bought 2,892,166 shares at NOK 44.00 per share. Following the transaction Odfjell SE owns 5,391,166 A-shares and 2,322,482 B-shares in Odfjell SE. The Annual General Meeting will be held later today, at 16:00 hours at the Company's headquarters.
Prospects
On the shipping side, the recovery is slow and seems to take longer than anticipated. We foresee improved second quarter activity in certain trades, but the pressure on freight rates is expected to continue as competition remains fierce. Disposal of older units has made our own tonnage situation more balanced, at the same time as we plan a further reduction of the fleet later this year, as some older ships will come off charter.
Deliveries of newbuildings to the market will continue, but first quarter recycling almost
fully offset the deliveries of newbuildings. We also expect to see some of the ships on order severely delayed or not delivered. The rise in bunker prices continues to be a concern, and may hamper the recovery of our time charter results, although part of the 2010 and 2011 exposure is hedged at attractive levels. We expect a continued challenging market, whilst we believe we will see a slow, but gradual improvement of our time charter earnings. On the other hand, we are confident that the tank terminal results will remain strong, on the back of a successful expansion program, a solid contract base and strong demand for storage and terminal services.
Bergen, 4 May 2010
THE BOARD OF DIRECTORS OF ODFJELL SE
The Odfjell Group is a leading participant in the global market of the seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet exceeds 90 ships, trading both globally and regionally. The tank terminal division consists of eight fully or partially owned tanks terminals and nine associated tank terminals strategically located. The Odfjell Group is headquartered in Bergen, Norway and has about 20 offices located world wide. Odfjell has about 3 700 employees and an annual gross revenue of about USD 1.3 billion.
ODFJELL GROUP
Basis for preparation
These consolidated condensed financial statements have been prepared in accordance with IAS 34, “Interim Financial Reporting”. The interim financial statements are unaudited.
Significant accounting principles
The accounting principles used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2009. These consolidated condensed financial statements should be read in conjunction with the 2009 annual financial statements, which include a full description of the Group’s accounting principles.
| 1.1-31.3 | 1.1-31.3 | 1.1-31.12 | |
|---|---|---|---|
| PROFIT AND LOSS STATEMENT | |||
| (USD mill) | 2010 | 2009 | 2009 |
| Gross revenue | 310 | 311 | 1 264 |
| Net income from associates | 0 | 0 | 0 |
| Voyage expenses | (110) | (98) | (449) |
| Time-charter expenses | (48) | (52) | (191) |
| Operating expenses | (75) | (82) | (329) |
| Gross result | 77 | 79 | 295 |
| General and administrative expenses | (28) | (28) | (113) |
| Operating result before depreciation, amortisation and capital gain (loss) on non-current assets (EBITDA) | 49 | 51 | 182 |
| Depreciation | (38) | (36) | (151) |
| Compensation | - | - | 43 |
| Impairment | - | - | (14) |
| Capital gain (loss) on non-current assets | (1) | 0 | 1 |
| Operating result (EBIT) | 10 | 15 | 61 |
| Interest income | 2 | 2 | 6 |
| Interest expenses | (11) | (14) | (50) |
| Other financial items | 1 | (4) | 9 |
| Currency gains (losses) | (0) | (1) | 0 |
| Net financial items | (9) | (18) | (35) |
| Result before taxes | 1 | (3) | 26 |
| Taxes | (5) | (5) | 95 |
| Net result | (4) | (8) | 121 |
| OTHER COMPREHENSIVE INCOME | |||
| Cash flow hedges changes in fair value | 5 | 12 | 85 |
| Cash flow hedges transferred to profit and loss statement | (12) | 17 | 23 |
| Net gain/(loss) on available-for-sale investments | 0 | (0) | 5 |
| Exchange rate differences on translating foreign operations | (10) | (13) | 1 |
| Other comprehensive income | (17) | 15 | 115 |
| Total comprehensive income | (20) | 7 | 236 |
| Net result allocated to: | |||
| Minority interests | 0 | (1) | (0) |
| Shareholders | (4) | (7) | 121 |
| Total comprehensive income allocated to: | |||
| Minority interests | 0) | (1) | (1) |
| Shareholders | (20) | 8 | 237 |
| Earnings per share (USD) – basic/diluted – before retroactive tax | (0.04) | (0.08) | 0.13 |
| Earnings per share (USD) – basic/diluted | (0.04) | (0.08) | 1.42 |
| 31.3 | 31.3 | 31.12 | |
|---|---|---|---|
| BALANCE SHEET | |||
| (USD mill) | 2010 | 2009 | 2009 |
| Goodwill | 10 | 10 | 11 |
| Ships | 1 231 | 1 324 | 1 272 |
| Newbuilding contracts | 133 | 117 | 126 |
| Tank terminals | 662 | 631 | 691 |
| Other non-current assets | 80 | 65 | 72 |
| Investments in associates | 2 | 2 | 2 |
| Non-current receivables | 75 | 64 | 83 |
| Total non-current assets | 2 193 | 2 213 | 2 256 |
| Current receivables | 206 | 143 | 212 |
| Bunkers and other inventories | 23 | 16 | 32 |
| Derivative financial instruments | 8 | - | 13 |
| Available-for-sale investments | 72 | 81 | 81 |
| Cash and cash equivalents | 117 | 101 | 103 |
| Total current assets | 425 | 340 | 442 |
| Total assets | 2 619 | 2 553 | 2 699 |
| Paid in equity | 80 | 83 | 81 |
| Other equity | 779 | 636 | 820 |
| Minority interests | 5 | 5 | 5 |
| Total equity | 864 | 724 | 906 |
| Non-current liabilities | 57 | 120 | 62 |
| Non-current interest bearing debt | 1 401 | 1 329 | 1 413 |
| Total non-current liabilities | 1 458 | 1 449 | 1 475 |
| Current portion of interest bearing debt | 153 | 151 | 163 |
| Derivative financial instruments | - | 65 | - |
| Current liabilities | 143 | 165 | 155 |
| Total current liabilities | 297 | 381 | 318 |
| Total equity and liabilities | 2 619 | 2 553 | 2 699 |
| STATEMENT OF CHANGES IN EQUITY | |||
| (USD mill) | Paid in equity | Exchange rate differences | Fair value and other reserves |
| --- | --- | --- | --- |
| Equity as at 1.1.2009 | 83 | 19 | (91) |
| Comprehensive income | - | (13) | 28 |
| Share sale/repurchase | (0) | - | - |
| Equity as at 31.03.2009 | 83 | 7 | (63) |
| Equity as at 1.1.2010 | 81 | 23 | 24 |
| Comprehensive income | - | (10) | (7) |
| Share sale/repurchase | (1) | - | - |
| Equity as at 31.03.2010 | 80 | 13 | 17 |
| 1.1-31.3 | 1.1-31.3 | 1.1-31.12 | |
|---|---|---|---|
| PROFITABILITY | 2010 | 2009 | 2009 |
| Earnings per share (USD) - basic/diluted - before retroactive tax | (0.04) | (0.08) | 0.13 |
| Earnings per share (USD) - basic/diluted | (0.04) | (0.08) | 1.42 |
| Cash flow per share (USD) | 0.43 | 0.33 | 2.10 |
| Return on total assets *) – before retroactive tax | 1.2% | 1.0% | 2.3% |
| Return on total assets *) | 1.2% | 1.0% | 6.5% |
| Return on equity *) – before retroactive tax | (1.2%) | (4.5%) | 1.4% |
| Return on equity *) | (1.2%) | (4.5%) | 14.9% |
| Return on capital employed *) | 1.9% | 2.9% | 3.6% |
| FINANCIAL RATIOS | |||
| Average number of shares (mill.) | 81.04 | 86.46 | 85.22 |
| Basic/diluted equity per share (USD) | 10.87 | 8.37 | 11.00 |
| Share price per A-share (USD) | 7.86 | 5.62 | 9.03 |
| Debt repayment capability (Years) | 9.6 | 11.3 | 10.7 |
| Current ratio | 1.4 | 0.9 | 1.4 |
| Equity ratio | 33.0% | 28.3% | 33.6% |
| USD/NOK rate at period end | 5.98 | 6.77 | 5.76 |
| CASH FLOW STATEMENT | |||
| (USD mill) | |||
| Net cash flow from operating activities | 43 | 62 | 189 |
| Net cash flow from investing activities | 19 | (31) | (177) |
| Net cash flow from financing activities | (47) | (35) | (18) |
| Effect on cash balances from currency exchange rate fluctuations | (2) | (0) | 5 |
| Net change in cash and cash equivalents | 13 | (3) | (1) |
| Opening cash and cash equivalents | 103 | 104 | 104 |
| Ending cash and cash equivalents | 117 | 101 | 103 |
| SEGMENT REPORTING | |||
| (USD mill) | |||
| Parcel Tankers | 248 | 252 | 1021 |
| Tank Terminals | 63 | 60 | 248 |
| Gross revenue from internal customers | (1) | (1) | (5) |
| Total gross revenue | 310 | 311 | 1264 |
| Parcel Tankers | 19 | 24 | 73 |
| Tank Terminals | 30 | 27 | 109 |
| Total operating result before depreciation, amortisation and capital gain (loss) on non-current assets (EBITDA) | 49 | 51 | 182 |
| Parcel Tankers | (11) | (5) | (6) |
| Tank Terminals | 21 | 20 | 68 |
| Total operating result (EBIT) | 10 | 15 | 61 |
| Parcel Tankers | (15) | (19) | 82 |
| Tank Terminals | 12 | 10 | 39 |
| Total net result | (4) | (8) | 121 |
*) Return ratios are based on annualised results, except for non-recurring items that are included in the relevant period.
FLEET OVERVIEW as per 29 April 2010
| SHIP | YEAR BUILT | DWT | CBM | STAINLESS STEEL, CBM | NUMBER OF TANKS | |
|---|---|---|---|---|---|---|
| OWNED: | Flumar Brasil | 2010 | 51 188 | 55 300 | - | 14 |
| Bow Saga^{1} | 2007 | 40 085 | 52 126 | 52 126 | 40 | |
| Bow Sirius^{1} | 2006 | 40 048 | 52 126 | 52 126 | 40 | |
| Bow Sea | 2006 | 40 048 | 52 126 | 52 126 | 40 | |
| Bao Hai Tun (49%) | 2006 | 3 845 | 4 361 | - | 10 | |
| Bow Summer | 2005 | 40 036 | 52 126 | 52 126 | 40 | |
| Bow Spring^{1} | 2004 | 39 942 | 52 126 | 52 126 | 40 | |
| Bow Star | 2004 | 39 832 | 52 126 | 52 126 | 40 | |
| Bow Sun | 2003 | 39 842 | 52 126 | 52 126 | 40 | |
| Bow Firda | 2003 | 37 427 | 40 515 | 40 515 | 47 | |
| Bow Chain | 2002 | 37 518 | 40 515 | 40 515 | 47 | |
| Bow Favour | 2001 | 37 438 | 40 515 | 40 515 | 47 | |
| Bow Century | 2000 | 37 438 | 40 515 | 40 515 | 47 | |
| Bow Fortune | 1999 | 37 395 | 40 515 | 40 515 | 47 | |
| Bow Master | 1999 | 6 046 | 6 878 | 6 878 | 14 | |
| Bow Mate | 1999 | 6 001 | 6 864 | 6 864 | 14 | |
| Bow Pilot | 1999 | 6 000 | 6 865 | 6 865 | 14 | |
| Bow Sailor | 1999 | 6 000 | 6 870 | 6 870 | 14 | |
| Bow Cecil | 1998 | 37 345 | 40 515 | 33 236 | 47 | |
| Bow Flora | 1998 | 37 369 | 40 515 | 33 236 | 47 | |
| Bow Balearia | 1998 | 5 870 | 5 941 | 5 941 | 20 | |
| Bow Oceanic | 1997 | 17 460 | 18 620 | 18 620 | 24 | |
| Bow Bracaria | 1997 | 5 870 | 5 941 | 5 941 | 20 | |
| Bow Brasilia | 1997 | 5 870 | 5 941 | 5 941 | 20 | |
| Bow Cardinal | 1997 | 37 446 | 41 487 | 34 208 | 52 | |
| Bow Faith | 1997 | 37 479 | 41 487 | 34 208 | 52 | |
| Flumar Aratu | 1997 | 13 834 | 15 831 | 15 831 | 29 | |
| Bow Querida | 1996 | 10 115 | 10 956 | 10 956 | 18 | |
| Bow Cedar | 1996 | 37 455 | 41 608 | 34 329 | 52 | |
| Bow Atlantic | 1995 | 17 460 | 18 620 | 18 620 | 24 | |
| Bow Fagus | 1995 | 37 375 | 41 608 | 34 329 | 52 | |
| Bow Clipper | 1995 | 37 166 | 41 492 | 34 213 | 52 | |
| Bow Flower | 1994 | 37 221 | 41 492 | 34 213 | 52 | |
| Bow Eagle | 1988 | 24 728 | 32 458 | 19 662 | 25 | |
| Bow Cheetah | 1988 | 40 258 | 47 604 | - | 29 | |
| Bow Leopard | 1988 | 40 249 | 47 604 | - | 29 | |
| Bow Lion | 1988 | 40 272 | 47 604 | - | 29 | |
| Bow Peace | 1987 | 45 655 | 52 173 | 2 167 | 23 | |
| Bow Pride | 1987 | 45 655 | 52 173 | 2 167 | 23 | |
| Bow Prima | 1987 | 45 655 | 52 173 | 2 167 | 23 | |
| Bow Prosper | 1987 | 45 655 | 52 173 | 2 167 | 23 | |
| Bow Fertility | 1987 | 45 507 | 52 173 | 2 167 | 23 | |
| Bow Fraternity | 1987 | 45 507 | 52 173 | 2 167 | 23 | |
| Bow Panther | 1986 | 40 263 | 47 604 | - | 29 | |
| Bow Puma | 1986 | 40 092 | 47 604 | - | 29 | |
| Bow Victor | 1986 | 33 190 | 34 500 | 21 975 | 31 | |
| Angelim | 1985 | 10 259 | 10 136 | 6 500 | 18 | |
| Araucaria | 1984 | 10 259 | 10 159 | 6 500 | 18 | |
| Bow Pacifico (50%) | 1982 | 18 657 | 22 929 | 10 849 | 31 | |
| Bow Viking | 1981 | 33 590 | 40 956 | 21 745 | 36 | |
| Jatai | 1979 | 4 452 | 4 031 | - | 3 | |
| TIME CHARTERED: | ||||||
| Bow Tone | 2009 | 33 600 | 37 700 | 37 700 | 16 | |
| Bow Hector | 2009 | 33 694 | 37 386 | 37 386 | 16 | |
| Southern Jaguar | 2009 | 19 997 | 22 198 | 22 198 | 20 | |
| Bow Sagami | 2008 | 33 641 | 37 238 | 37 238 | 16 | |
| Bow Harmony | 2008 | 33 619 | 34 698 | 34 698 | 16 | |
| Bow Cape | 2008 | 19 971 | 22 158 | 22 158 | 20 | |
| Bow Kiso | 2008 | 33 641 | 37 215 | 37 215 | 16 | |
| Bow Heron | 2008 | 33 707 | 37 365 | 37 365 | 16 | |
| Bow Orelia^{8} | 2008 | 19 900 | 22 202 | 22 202 | 20 | |
| Ncc Hair^{9} | 2008 | 45 953 | 54 300 | - | 22 | |
| Ncc Dammam^{8} | 2008 | 45 965 | 54 300 | - | 22 | |
| Ncc Sudair^{8} | 2007 | 46 012 | 54 300 | - | 22 | |
| Bow Omaria^{8} | 2007 | 19 900 | 22 202 | 22 202 | 20 | |
| Bow Lima | 2007 | 19 900 | 22 157 | 22 157 | 20 | |
| Bow Olivia^{8} | 2007 | 19 900 | 22 202 | 22 202 | 20 | |
| Bow Octavia^{8} | 2007 | 19 900 | 22 202 | 22 202 | 20 | |
| Bow Fuji | 2006 | 19 800 | 22 140 | 22 140 | 22 | |
| Bow Ophelia^{8} | 2006 | 19 900 | 22 655 | 22 655 | 20 | |
| Bow Plata | 2006 | 19 807 | 22 143 | 22 143 | 22 | |
| Bow Engineer | 2006 | 30 086 | 35 548 | 35 548 | 28 | |
| Bow Orania^{8} | 2006 | 19 993 | 22 050 | 22 050 | 20 | |
| Bow Sky^{8} | 2005 | 40 005 | 52 126 | 52 126 | 40 |
| Bow Architect | 2005 | 30 058 | 36 000 | 36 000 | 28 |
|---|---|---|---|---|---|
| Bow Rio | 2005 | 19 990 | 21 408 | 21 408 | 22 |
| Bow Europe | 2005 | 19 727 | 21 573 | 21 573 | 36 |
| Bow Santos² | 2004 | 19 997 | 21 846 | 21 846 | 22 |
| Bow Asia² | 2004 | 9 901 | 10 866 | 10 866 | 20 |
| Bow Singapore² | 2004 | 9 888 | 10 867 | 10 867 | 20 |
| Bow Americas | 2004 | 19 707 | 22 050 | 22 050 | 36 |
| Bow de Rich | 2003 | 12 452 | 13 300 | 13 300 | 22 |
| Bow de Feng | 2002 | 12 514 | 13 289 | 13 289 | 22 |
| Bow West | 2002 | 12 503 | 13 299 | 13 299 | 22 |
| Bow Andino | 2000 | 16 121 | 17 270 | 17 270 | 30 |
| Bow de Jin | 1999 | 11 752 | 12 296 | 12 296 | 20 |
| Bow Jubail² | 1996 | 37 499 | 41 488 | 34 209 | 52 |
| Bow Mekka² | 1995 | 37 272 | 41 588 | 34 257 | 52 |
| Bow Riyad² | 1995 | 37 274 | 41 492 | 34 213 | 52 |
| Bow Baha | 1988 | 24 728 | 32 458 | 19 662 | 25 |
| Bow Hunter | 1983 | 23 002 | 25 026 | 21 031 | 28 |
| Bow Pioneer | 1982 | 23 016 | 25 965 | 20 969 | 28 |
| Number of ships: | 91 | 2 537 659 | 2 911 442 | 1 980 979 |
¹ Vessel beneficially owned through financial lease.
² Vessel on bare-boat charter.
³ Vessel on variable timecharter.
| YARD | DELIVERY | DWT | OWNER | COMMENT |
|---|---|---|---|---|
| Chongqing Chuandong | ||||
| Shipbuilding Industry Co.Ltd | 2011 | 9 000 | Odfjell | |
| " | 2011 | 9 000 | Odfjell | |
| " | 2011 | 9 000 | Odfjell | |
| " | 2011 | 9 000 | Odfjell | |
| " | 2012 | 9 000 | Odfjell | |
| " | 2012 | 9 000 | Odfjell | |
| Number of newbuildings: | 6 | 54 000 | ||
| TANK TERMINALS | LOCATION | SHARE | CBM | STAINLESS STEEL, CBM |
| --- | --- | --- | --- | --- |
| Odfjell Terminals (Rotterdam) BV | Rotterdam, NL | 100 % | 1 635 000 | 33 000 |
| Odfjell Terminals (Houston) Inc | Houston, USA | 100 % | 320 600 | 82 300 |
| Odfjell Terminals (Jiangyin) Co Ltd | Jiangyin, China | 55 % | 99 800 | 30 000 |
| Odfjell Terminals (Dalian) Ltd | Dalian, China | 50 % | 119 750 | 18 350 |
| Odfjell Terminals (Korea) Co Ltd | Oman, Korea | 50 % | 250 590 | 15 860 |
| Oiltanking Odfjell Terminal Singapore Ltd | Singapore | 50 % | 365 000 | 13 520 |
| Oiltanking Odfjell Terminal & Co. LLC | Sohar, Oman | 29,75 % | 842 500 | - |
| Exir Chemical Terminals PISCO | BIK, Iran | 35 % | 22 000 | 1 000 |
| Vopak Terminal Ningbo Ltd | Ningbo, China | 12.5 % | 63 500 | 7 900 |
| Total owned | 3 718 740 | 201 930 | ||
| Associated terminals: | ||||
| Depositos Quimicos Mineros S.A. | Callao, Peru | 39 880 | 1 600 | |
| Granel Quimica Ltda | Santos, Brazil | 97 720 | 19 784 | |
| Granel Quimica Ltda | Rio Grande, Brazil | 40 800 | 2 900 | |
| Granel Quimica Ltda | Sao Luis, Brazil | 55 027 | - | |
| Granel Quimica Ltda | Ladario, Brazil | 8 000 | - | |
| Odfjell Terminals Tagsa S.A. | Buenos Aires, Argentina | 47 135 | 528 | |
| Odfjell Terminals Tagsa S.A. | Campana, Argentina | 62 980 | 10 188 | |
| Terquim S.A. | San Antonio, Chile | 32 840 | - | |
| IMTT-Quebec | Quebec, Canada | 293 127 | 5 496 | |
| Total associated | 677 509 | 40 496 | ||
| Grand Total | 4 396 249 | 242 426 | ||
| PROJECTS AND EXPANSIONS | ||||
| TANK TERMINALS | SHARE | CBM | ONGOING EXPANSION | NEW TOTAL |
| Odfjell Terminals (Houston) Inc | 100 % | 320 600 | 10 700 | 331 300 |
| Oiltanking Odfjell Terminal & Co.LLC (Oman) | 29,75 % | 842 500 | 425 000 | 1 267 500 |
| Odfjell Terminals (Korea) Co Ltd | 50 % | 250 590 | 63 120 | 313 710 |
| 498 820 | ||||
| Associated terminals: | ||||
| Depositos Quimicos Mineros S.A. | Callao, Peru | 39 880 | 10 800 | 50 680 |
| Granel Quimica Ltda | Rio Grande, Brazil | 40 800 | 20 000 | 60 800 |
| Granel Quimica Ltda | Sao Luis, Brazil | 55 027 | 10 000 | 65 027 |
| Granel Quimica Ltda | Triunfo, Brazil | - | 12 000 | 12 000 |
| Granel Quimica Ltda | Teresina, Brazil | - | 7 000 | 7 000 |
| Granel Quimica Ltda | Aracruz, Brazil | - | 30 000 | 30 000 |
| Terquim S.A. | Mejillones, Chile | - | 80 000 | 80 000 |
| 169 800 |
ODFJELL
ODFJELL SE
Courte Maîtrise 29
Postboks 6101 Postterminalen
5892 Bergen-NORWAY
Tel: +47 5527 8000
Faks: +47 5528 4741
E-post: iridodfjell.com
www.odfjell.com
Org. nr.: 930 192 503