May 08, 2013 [Euro Investor] - EBITDA of USD 27 million reflects a slightly better chemical tanker market and higher terminal earnings. Time charter results up 8% compared to last quarter.
The chemical tanker market improved slightly the first quarter of 2013, but remains at loss-making levels. Steady CoA nominations combined with increased spot activities enabled us to employ ships more efficiently.
The bunker prices were marginally higher than in the previous quarter.
The first quarter our terminals delivered improved EBITDA compared to the previous quarter. The re-commissioning project at Odfjell Terminals (Rotterdam) is running slightly behind schedule, primarily due to a shortage of engineering capacity.
Final agreements have been entered into with Lindsay Goldberg post quarter to expand existing partnership to include substantially all tank terminal assets.
The supply/demand balance for our chemical tankers continues to develop favourably, as there is virtually no ordering of advanced parcel tankers.
However, high bunker cost and increased congestions and delays in port are serious concerns, both negatively impacting our results and performance.
