Third Quarter 2012 Results Oslo 14 November 2012

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1 Third Quarter 212 Results Oslo 14 November 212 1

2 Agenda Highlights Financials Operational review Market update and prospects Summary Q&A Session 2

3 Highlights Highlights EBITDA of USD 8 million reflects a continued weak chemical tanker market and significant restructuring costs at Odfjell Terminals (Rotterdam) Time charter results basically unchanged as compared to second quarter Re-commissioning project at Odfjell Terminals (Rotterdam) on schedule with 576 cbm of capacity approved for usage and 1.2 million cbm still expected ready by first quarter 213. Significant restructuring and efficiency initiatives under way USD mill Index 199= Annualised EBITDA actual ownership Tank terminals Chemical tankers ODFIX

4 Highlights Highlights Stable tank terminal earnings, with the exception of Odfjell Terminal (Rotterdam) which delivered EBITDA of negative USD 2 million, including non-recurring items of USD 9 million A USD 2 million credit facility secured for North American tank terminal expansions and a USD 38 million credit facility entered into for financing of the two LPG/Ethylene carriers delivered in the quarter Internal restructuring initiated to bring our ownership in tank terminals into one holding company wholly owned by Odfjell SE 4

5 Financials Income statement - Third quarter 212 USD mill 3Q12 2Q12 Gross revenue Voyage expenses (118) (137) TC expenses (43) (44) Operating expenses (75) (68) General and administrative expenses (33) (31) Operating result before depr. (EBITDA) 8 27 Depreciation (33) (33) Capital gain/loss on fixed assets - 1 Operating result (EBIT) (25) (5) Net finance (15) (22) Taxes 2 (1) Net result (39) (28) 5

6 Financials Quarterly figures - from continued operation (previous quarters restated) USD mill Gross Revenue EBITDA USD mill USD mill Lower gross revenue reflect a continued weak chemical tanker market and reduced capacity at Odfjell Terminal (Rotterdam) Reduction in EBITDA of USD 19 million compared to second quarter 6

7 Financials USD mill Quarterly figures - from continued operation (previous quarters restated) USD mill USD mill Operating Result (EBIT) Net Finance Net interest Other financial/currency USD mill Negative EBIT of USD 25 million of which OTR counts for USD 2 million Stable interest costs Net loss 3Q12 of USD 39 million Net Result

8 Financials Income statement - year to date 212 USD mill YTD 3Q12 Gross revenue 916 Voyage expenses (43) TC expenses (13) Operating expenses (214) General and administrative expenses (94) Operating result before depr. (EBITDA) 76 Depreciation (98) Capital gain/loss on fixed assets 2 Operating result (EBIT) (2) Net finance Taxes Net result (49) (2) (71) 8

9 Financials Balance sheet 3Q12 USD mill - Assets Ships and newbuilding contracts Tank terminals and intangible assets 727 Other non-current assets/receivables 155 Total non-current assets Available-for-sale investments and cash 131 Other current assets 173. Total current assets 33 Equity and liabilities Total equity 952 Non-current liabilities 116 Non-current interest bearing debt Total non-current liabilities Current portion of interest bearing debt 137 Other current liabilities 144 Total current liabilities 281 Total assets Total equity and liabilities Equity ratio 38.1% Available drawing facilities USD 31 million, before new loan facilities secured after end of quarter USD 113 million invested during third quarter, gas vessels, OTR, ONTT, misc. 9

10 Financials Debt development A USD 2 million credit facility secured for North American tank terminal expansions. The principal amount can be increased up to an additional USD 1 million Entered into a 38 million credit facility for financing of the two LPG/Ethylene carriers delivered in the quarter In discussions with banks regarding financing of the newbuild programme in Korea Existing debt maturities to be refinanced Debt Portfolio Planned Debt Repayments USD mill USD mill Q Q Ending balance Repayment Secured loans Balloon Leasing NOK bond 9/13 1

11 Financials Capital expenditure programme Odfjell`s share per Bow Gallant, one of two new LPG/Ethylene carriers In USD mill YTD Daewoo, 1 x 75, DWT Chuandong, 3 x 9, DWT Korea, 4 x 46, DWT LPG, 2 x 9, CBM 62 Docking Terminals 1) Total ) Planned not commited. 11

12 Financials Income statement 3Q12 chemical tankers and gas carriers USD mill 3Q12 2Q12 Gross revenue Voyage expenses (118) (137) TC expenses (43) (44) Operating expenses (49) (51) General and administrative expenses (23) (24) Operating result before depr. (EBITDA) Depreciation (24) (24) Capital gain/loss on fixed assets 1 Operating result (EBIT) (1) (1) Net finance (12) (16) Taxes (1) (1) Net result (24) (27) 12

13 Financials Income statement 3Q12 tank terminals USD mill 3Q12 2Q12 Gross revenue Operating expenses (27) (17) General and administrative expenses (11) (8) Operating result before depr. (EBITDA) (7) 13 Depreciation (9) (8) Operating result (EBIT) (16) 5 Net finance (3) (5) Taxes 3 (1) Net result (16) (1) 13

14 Financials Results per segment Annualised EBITDA actual ownership 1 % 35 8 % 3 6 % 25 4 % 2 % USD mill 2 15 % -2 % Gross revenue EBITDA Assets % Chemical tankers Tank terminals Tank terminals Chemical tankers USD mill Chemical tankers 3Q12 Tank terminals Chemical tankers 2Q12 Tank terminals Gross revenue EBITDA 14 (7) EBIT (1) (16) (1) 5 Net result (24) (16) (28) (1) 14

15 Financials Tank terminals EBITDA by geographical segment USD mill Europe EBITDA YTD North America 22 Asia 13 Middle East In Europe EBITDA came in negative on USD 21 million due to reduced capacity and high costs at OTR The remaining geographical segments are delivering stable results EBITDA Tank Terminals by geographical segment 3Q12 2Q12 Europe (21) (2) North America 4 3 Asia 7 7 Middle East 4 5 Total EBITDA (7) 13 15

16 Operational review Bunker development USD mill (1) (2) (3) Net Bunker Cost (15.5) (15.7) (2.3) (15.7) (9.8) (5.8) (3.) (2.8) (3.2) (2.1) 3Q11 4Q11 1Q12 2Q12 3Q12 Bunker purchase Bunker clauses Bunker hedging Net bunker cost USD/mt Platts 3.5% FOB Rotterdam Bunker prices decreased in the 3Q of 212 About 5% of the remaining bunker exposure in 212 and 2% in 213 is hedged In addition, bunker clauses cover 42% of the exposure 16

17 Operational review Fleet development 212 Fleet additions DWT Built Tanks Transaction November 212 Bow Dalian 9, 212 Stainless Newbuild October 212 Chemroad Hope 33, Stainless 1 year TC September 212 UACC Masafi 45, Coated 1 year TC September 212 NCC Reem 45, Coated Pool September 212 Bow Guardian 9,CBM 28 LPG Purchase August 212 Bow Gallant 9,CBM 28 LPG Purchase August 212 NCC Najem 45, Coated Pool June 212 Bow Fuling 9, 212 Stainless Newbuild May 212 NCC Shams 45, Coated Pool January 212 Bow Andes 16,2 2 Stainless Purchase January 212 Southern Ibis 19,95 29 Stainless 2 year TC 17

18 Operational review Fleet development 212 Fleet disposals DWT Built Tanks Transaction November Bow Fraternity 45, Coated Recycling October 212 Bow Lion 39, Coated Recycling June 212 Bow Viking 33, Stainless Sale June 212 Bow Fertility 45, Coated Recycling May 212 Bow Pride 45, Coated Recycling May 212 Bow Peace 45, Coated Recycling February 212 Bow Pacifico 18, Stainless Sale January 212 Bow Prosper 45, Coated Recycling The above sales have only had limited impact on the financial statements but have contributed USD 45 million in cash 18

19 Operational review Tank terminal development 212 US Charleston (OTC) Final engineering stage has been completed and project is on track to deliver 8, CBM of new tank capacity by 213 China Tianjin (ONTT) Construction of marine facility started. Engineering of tank capacity underway. Pilling and tank construction has started and the project is on track to deliver 145, CBM of new tank capacity by end of

20 Operational review Tank terminal capacity Total capacity in CBM (incl. related parties): Current capacity 5,31,485 Ongoing expansions 366,491 2

21 Operational review Odfjell Terminals (Rotterdam) Re-commissioning project at Odfjell Terminals (Rotterdam) on schedule with 576 cbm of capacity approved for usage and 1.2 million cbm still expected ready by first quarter 213 Plan for remaining 4 cbm to be determined based on market development Significant restructuring and efficiency initiatives under way Expect negative EBITDA 212 USD 25 3 million Gradual improvements expected 21

22 Operational review Internal restructuring Odfjell has steadily grown its tank terminal portfolio to a significant size Initiated a process to bring the ownership of all tank terminals into one holding company, wholly owned by Odfjell SE, in a cost efficient manner The total return swap on the treasury shares held by Odfjell part of this process 22

23 Market update and prospects Market update - chemical tankers Third quarter unchanged from previous quarter, slightly higher volumes Contracts are renewed at higher levels Earnings on time charter basis unchanged Certain trades provide some encouragement Supply/demand balance continues to improve Increased competition from product tankers Declining bunker prices In the fourth quarter of 212 so far, the activity is slightly firmer 23

24 Market update and prospects Core Chemical Deep-sea Fleet Orderbook and estimated demolition per Oct. 31st 212 2, ' Dwt % of year-start fleet 12.5% 1,6 1.% 1,2 7.5% 8 5.% 4 2.5% % -2.5% -8 Source: Odfjell FLEETBASE Deliveries Orderbook Actually demolished Estim. vessel outphasing* Net Fleet Growth (%) * Outphasing 3 years (Europe built) and 25 years (Asian built) -5.% 24

25 Market update and prospects Market update - tank terminals Continued strong momentum in the US European market remains slow due to economic downturn Iran conflict keeps oil market in tension Interesting development in China and other Asian markets 25

26 Market update and prospects Prospects US and China economic development improving, positive for world economic output Supply/demand balance continue to move in our favour The situation at Odfjell Terminals (Rotterdam) will negatively impact our result for the coming quarters Expect improvement in results in the fourth quarter 26

27 Summary Summary 3Q similar to 2Q with the exception of OTR OTR restructuring and efficency initiatives under way Solid balance sheet and liquidity position Well positioned for improved markets in

28 Company representatives Jan A. Hammer CEO, Odfjell SE Phone: Terje Iversen CFO, Odfjell SE Phone: IR contact: Tom A. Haugen VP Finance, Odfjell SE Phone:

29 Q&A session Thank you For more information please visit our webpage at 29

2012 3 rd Quarter. www.odfjell.com. Media contact Margrethe Gudbrandsen Mobile: + 47 48 07 47 47 margrethe.gudbrandsen@odfjell.com

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