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1 First Quarter 2012 Results Conference call and webcast - 9 May 2012.

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Presentation on theme: "1 First Quarter 2012 Results Conference call and webcast - 9 May 2012."— Presentation transcript:

1 1 First Quarter 2012 Results Conference call and webcast - 9 May 2012

2 2 AGENDA •Highlights •Financials 1Q 2012 •Financials per segment •Operational review •Market update and prospects •Summary •Q&A Session

3 3 HIGHLIGHTS •EBITDA first quarter 2012 of USD 41 million reflects improved earnings in the chemical tanker segment •Time charter results up 8% compared with fourth quarter last year •The bunker cost increased further and remained high •Tank terminal earnings remain steady •Completed Bond issue of NOK 600 million

4 4 AGENDA •Highlights •Financials 1Q 2012 •Financials per segment •Operational review •Market update and prospects •Summary •Q&A Session

5 5 FIRST QUARTER 2012 USD mill 1Q124Q11 Gross revenue Voyage expenses (148)(150) TC expenses (44)(42) Operating expenses (70)(69) General and administrative expenses (30)(31) Operating result before depr. (EBITDA) 4131 Depreciation (32) Capital gain/loss on fixed assets 1(0) Operating result (EBIT) 11(1) Net finance (12)(6) Taxes (3)(1) Net result (4)(8)

6 6 QUARTERLY GROSS REVENUE from continued operation (previous quarters restated) USD mill Annual figures 1,048 1,154 1,332

7 7 EBITDA * All figures reflect actual ownership figures are annulised.

8 8 Annual figures (36)21 44 QUARTERLY OPERATING RESULT (EBIT) from continued operation (previous quarters restated) USD mill

9 9 Annual figures (30) (35) (48) QUARTERLY NET FINANCE from continued operation (previous quarters restated) USD mill

10 10 Annual figures (79) 269 (16) QUARTERLY NET RESULT USD mill

11 11 DEBT PORTFOLIO Per

12 12 DEBT REPAYMENTS Per

13 13 HEDGING – DEBT Per

14 14 LIABILITIES & EQUITY ASSETS Ships & newbuildings Tank terminals Other fixed and current assets Other liabilities Interest bearing debt Equity BALANCE SHEET Per Minority interest Liquid assets

15 15 CAPITAL EXPENSES Per – Odfjell share In USD mill Daewoo, 1 x DWT13 Chuandong, 3 x DWT9 Docking2736 Terminals Total

16 16 AGENDA •Highlights •Financials Q •Financials per segment •Operational review •Market Update / Prospects •Summary •Q&A Session

17 17 GROSS REVENUE, EBITDA AND ASSETS PER SEGMENT 1Q 2012

18 18 RESULTS PER SEGMENT 1Q124Q11 USD mill Chemical tankers Tank terminals Chemical tankers Tank terminals Gross revenue EBITDA EBIT38(9)8 Net result(8)4(14)6 EBITDA Tank Terminals by 1Q12 4Q11 geographical segment Europe11 North America44 Asia87 Middle East44 Net result16

19 19 ODFIX

20 20 BUNKERS Platts 3.5% FOB Rotterdam

21 21 NET BUNKER COST Per

22 22 AGENDA •Highlights •Financials Q •Financials per segment •Operational review •Market Update / Prospects •Summary •Q&A Session

23 23 FLEET DEVELOPMENT 2012 Fleet additionsDWTBuiltTanksTransaction January 2012Bow Andes Purchase January 2012Southern Ibis Stainless2 year TC Fleet reductionsDWTBuiltTanksTransaction June 2012Bow Fertility CoatedRecycling May 2012Bow Pride CoatedRecycling May 2012Bow Peace CoatedRecycling February 2012Bow Pacifico StainlessSale January 2012Bow Prosper CoatedRecycling

24 24 TANK TERMINAL DEVELOPMENT 2012 •Oman (OOTO) – 27,300 cbm is expected to be commercially operational by 3Q 2012 •US Charleston (OTC) – 80,000 cbm to be added in 2013, progressing according schedule •Odfjell/LG close to conclusion on the 25% equity share in Noord Natie Terminals in Antwerpen •Rotterdam has a number of tanks out for maintenance and regulatory upgrading •Evaluating various existing terminals and green field projects

25 25 TANK TERMINAL CAPACITY Current capacity Ongoing expansions Total capacity in CBM

26 26 AGENDA •Highlights •Financials Q •Financials per segment •Operational review •Market Update / Prospects •Summary •Q&A Session

27 27 MARKET UPDATE – CHEMICAL TANKERS •Reasonably high activity levels and firm demand during 1Q •Contract rate renewals up by 10% to 40% •Earnings on time charter basis increased by about 8% •Rates for US and European trade were firm, whilst Asian exports came under pressure •Bunker prices increased further during the quarter, together with piracy, this remain major concerns •In second quarter so far, the activity has been slower with less volume in many areas

28 28 Source: Odfjell Core Chemical Deep-sea Fleet Orderbook and estimated demolition per May 2nd 2012 * Outphasing 30 years (Europe built) and 25 years (Asian built)

29 29 MARKET UPDATE - TANK TERMINALS •Terminals remain at high utilization rates •Strong momentum in the US •Capacity build-up in Korea •Oil industry continued to be slow •Iran conflict keeps oil market in tension Expect stable market going forward

30 30 PROSPECTS •The global economic growth outlook has deteriorated •Hardly any contracting of new sophisticated stainless steel vessels •Activity levels are softening, indicating a possible weaker spot market for chemical freight in second quarter •Tank terminal results expected to remain in line with the first quarter •Expecting somewhat weaker operating results in second quarter

31 31 AGENDA •Highlights •Financials Q •Financials per segment •Operational review •Market Update / Prospects •Summary •Q&A Session

32 32 SUMMARY •Stronger 1Q12, EBITDA USD 41 million •2Q12 chemical tanker activity slower with lower volumes •Bunker cost still a main challenge •Robust balance sheet and solid liquidity position •Stable results Tank Terminals

33 33 AGENDA •Highlights •Financials Q •Financials per segment •Operational review •Market Update / Prospects •Summary •Q&A Session

34 34 Thank you!


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