Odfjell’s 2016 results show significant financial improvement despite challenging markets.
The company reported its net result were $100 million in 2016 compared to $-36 million in 2015. Its improved full year EBITDA was $238 million from $190 million in 2015. Odfjell says that its fourth quarter resulted show stable underlying performance, but softer markets impacted the net result, which ended at $43 million.
In its terminals segment, the company reported a slightly reduced EBITDA due to increased maintenance and operating costs.
Kristian Mørch, CEO of Odfjell, says: ‘Our markets remained challenging, but Odfjell continues to build both financial and operational strength. Based on our strengthened position we are now launching our new strategy – the ‘Odfjell Compass’ – which will be leading the company into the future.
‘In a longer perspective we believe the market is fairly balanced, but rates are expected to be under pressure in 2017 as the market absorbs new capacity. Odfjell expects […] the 2017 Odfjell Terminals results to be improved on continued strengthened performance at our terminal in Rotterdam.’