Odfjell has experienced the best quarterly operational performance since the third quarter in 2008, its second quarter 2015 results reveal.
The storage operator continues to enjoy improved results from its terminals segment, with an EBITDA of $18 million (€16 million) in the first half of 2015. This compares with negative $10 million in the same period in 2014. Performance in this area was driven in part for the high demand for spot and mid-term storage due to the oil market contango.
Additionally, the company has seen a steady improvement in the chemical tanker market in general – with improved earnings both in the deep-sea segment as well as in the remaining regional operations. The overall net result for the group is $7 million (€6.2 million).
In addition to its financials, the company reports that while its facility in Tianjin, located in a new industrial development area, was not directly affected by the explosion in the Tianjin old harbour it will most likely delay action on permits and operations are scheduled to begin in October.
The new 17,150 m3 tank pit in Houston is under construction and is due to be complete by the fourth quarter of 2015.
The company says in a statement: ‘The cost-cutting and efficiency programme is progressing as planned with all cost reduction initiatives on schedule.
‘With regard to our terminals, we expect stable to improved earnings on capacity expansions and continued positive development at Odfjell Terminals (Rotterdam).’