Odfjell announces annual revenues of $960m

Odfjell produced revenues of $961.1m in 2017, down 0.6% overall. Citing a challenging market, the company’s EBITDA decreased 30.3%, but due to the sale of the Singapore terminal in December, the effect on its net profit position was reduced (down 17.3%).

Cost increases included a 16.9% increase in voyage expenses, an 18.5% increase in time-charter expenses and a 3.6% increase in operating expenses.

Tankers revenues were 1.2% higher at $842.5m. However, EBITDA was down 50.2%. Odfjell expects the chemical tanker market to remain challenging for the next couple of quarters, before gradually picking up towards the end of the year.

Revenues in the Tank Terminals business fell 9.8% to $110.1m. Its EBITDA was down 17.6% to $38.3m.

Source: Odfjell