rd Quarter. Media contact Margrethe Gudbrandsen Mobile: margrethe.gudbrandsen@odfjell.com

Transcription

1 rd Quarter Report Investor Relations contact Tom A. Haugen Phone: Mobile: tom.haugen@odfjell.com Media contact Margrethe Gudbrandsen Mobile: margrethe.gudbrandsen@odfjell.com

2 Third Quarter Report 2012 Odfjell SE - Consolidated Highlights 3Q 2012 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 cbm approved for usage and 1.2 million cbm still expected ready during 1 st quarter Significant restructuring and efficiency initiatives under way. Stable tank terminal earnings, with the exception of Odfjell Terminals (Rotterdam) which delivered EBITDA of negative USD 20 million, including non-recurring items of USD 9 million. A USD 200 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. Key figures (USD mill. unaudited) 3Q12. 2Q12. 3Q11. YTD2012 YTD2011 FY2011) Revenue Gross result EBITDA EBIT (25) (5) 2. (20) Net finance (15) (22) (12) (49) (28) (35) Tax 2. (1) (3) (2) (5) (6) Net result continued operations (39) (28) (13) (71) (11) (20) Net result discontinued operations -. -) Net result (loss) (39) (28) 261. (71) Note: The net result from discontinued operations relates to the sale of shares in some terminal companies in Business segments Chemical tankers The chemical tanker market remained unchanged during third quarter of Volumes shipped were only marginally up as compared to the previous quarter, yet much lower than in the first quarter of 2012, due to fewer vessels in the fleet. The average freight rate per tonne shipped was lower as the market remained soft. The average price of bunkers purchased in the 2

3 quarter was USD 654 per metric ton, approximately USD 30 per metric ton lower than in the previous quarter. There were some encouraging developments in specific trades, but as the product tanker market remains weak, we continue to face increased competition in selected segments from the product tanker fleet. The results are being cushioned by the reduction in bunker prices. CoA s are continuing to be renewed at higher rates and the contract coverage remains at around 50% of total volume shipped. Our earnings on time-charter basis are basically unchanged compared to second quarter. The market remains low as we enter a seasonally busier period. There is still little encouragement from product trades, but we are beginning to see positive impacts from increased chemical production. The supply/demand balance continues to develop favourably. Chemical Tankers (USD mill) 3Q12 2Q12 3Q11 YTD2012 YTD2011 FY2011. Revenue Gross Result EBITDA EBIT (9) (10) (6) (17) 0 (9) Net bunker per tonne (USD) Indices 3Q12 2Q12 3Q11 FY2011¹ Odfix (1990 =100) ² Opex (2002 = 100)³ ¹ Average for the full year. ² The Odfix index is a weighted time-charter earnings index for a selection of vessels ³ The Opex index includes owned and bareboat chartered vessels LPG/Ethylene During August and September 2012, Odfjell Gas took delivery of two 2008 built LPG/Ethylene carriers with cargo carrying capacity of about 9,000 cbm. Both vessels are currently trading spot in Asia and have so far performed in accordance with expectations. Per September our gas carriers have delivered a turnover of USD 1 million and EBITDA of negative USD 1 million, reflecting positioning voyages. We are evaluating various projects to secure further growth in the segment. Fleet changes As part of our fleet renewal programme, we have this year both sold older ships and contracted replacement tonnage. By late November we expect to have received the second of three newbuildings from the Chongqing Chuandong yard in China. These are 9,000 DWT chemical tankers with 14 stainless steel tanks, all planned for employment in regional Asian trade. The third and final vessel is scheduled for delivery in the first quarter of The pool company NOCT Dubai received in September two additional NCC vessels from the Shina Shipbuilding yard in Korea, whilst Odfjell Tankers has taken one new vessel on one-year time charter for participation in the NOCT pool. We have sold two older chemical tankers with coated cargo tanks for recycling and have two vessels scheduled for sale later this year. All vessels sold for recycling have green passports, 3

4 with the buyers required to submit a working plan in accordance with IMO guidelines for ship recycling. Fleet additions DWT Built Tanks Transaction November 2012 Bow Dalian 9, Stainless New delivery October 2012 Chemroad Hope 33, Stainless 1 year TC September 2012 UACC Masafi 45, Coated 1 year TC September 2012 NCC Reem 45, Coated Pool September 2012 Bow Guardian 9,000 cbm 2008 LPG Purchase August 2012 Bow Gallant 9,000 cbm 2008 LPG Purchase August 2012 NCC Najem 45, Coated Pool June 2012 Bow Fuling 9, Stainless New delivery May 2012 NCC Shams 45, Coated Pool January 2012 Bow Andes 16, Stainless Purchase January 2012 Southern Ibis 19, Stainless 2 year TC Fleet disposals, owned DWT Built Tanks Transaction November 2012 Bow Fraternity 45, Coated Recycling October 2012 Bow Lion 39, Coated Recycling June 2012 Bow Viking 33, Stainless Sale June 2012 Bow Fertility 45, Coated Recycling June 2012 Bow Pride 45, Coated Recycling May 2012 Bow Peace 45, Coated Recycling February 2012 Bow Pacifico 18, Stainless Sale January 2012 Bow Prosper 45, Coated Recycling The above sales have only had a limited impact on the financial statements but have contributed USD 45 million in cash. Tank terminals In third quarter our tank terminals, with the exception of Odfjell Terminals (Rotterdam), delivered improved EBITDA compared to the previous quarter. Construction of the terminal in Charleston has now started and the project is on course to deliver 80,000 CBM of new tank capacity in The project in Tianjin is also progressing according to schedule. Following our decision on 27 July 2012 to temporarily shut down Odfjell Terminals (Rotterdam) to initiate immediate verification and upgrading of certain safety systems, around 45% of the total capacity has been reapproved for usage. We expect that 75% will be operational during the first quarter of Any additional storage capacity will only be recommissioned when the market can justify the investments required. We have initiated several major programs to increase safety, efficiency and to align the cost base at Odfjell Terminals (Rotterdam) with the cost base of the other Odfjell tank terminals. Odfjell Terminals (Rotterdam) has embarked on several cost-cutting initiatives and is in the process of negotiating a plan to bring the workforce in line with the reduced activities at the terminal. EBITDA at Odfjell Terminals (Rotterdam) for this quarter were negative USD 20 million and for 2012 we expect an EBITDA of around negative USD million. Total investments at the terminal for the next four years will amount to about USD million, an increase of 4

5 around 30% compared with the original investment plan. The above figures are based on Odfjell s 51% share in the terminal. Tank Terminals (USD mill) 3Q12 2Q12 3Q11) YTD2012 YTD2011 FY2011 Revenue Gross result EBITDA (7) EBIT (16) 5 9 (3) EBITDA Tank Terminals by geographical segment (USD mill.) 3Q12. 2Q12 3Q11¹) YTD2012 YTD2011¹ FY2011¹ Europe (21) (2) 2 (22) 2 1 North America Asia Middle East Total (7) ¹ In August 2011 Odfjell sold 49% of the shares in the tank terminals in Rotterdam and Houston, as well as the greenfield project in Charleston. Through a shareholder agreement the transaction changed Odfjell's influence from control to joint control and Odfjell s total previous ownership is presented as discontinued operations from 2Q and consequently not included in the reported EBITDA figures. On a fully consolidated basis these terminals delivered EBITDA of USD 54 million for the full year 2011, before any overheads. Finance Odfjell Holding (US) Inc., a joint venture company between Odfjell and Lindsay Goldberg, secured in October a USD 200 million five-year secured credit facility from a group of five US banks. The funds are available through a reducing revolving credit facility and the proceeds are to be used for repayment of existing debt, financing of expansion projects at the Houston and Charleston terminals and for general corporate purposes. The principal amount under this facility can be increased up to an additional USD 100 million (accordion feature) for potential new expansion opportunities throughout North America. Odfjell has further after the end of the quarter secured the financing of the two LPG/Ethylene carriers. At the end of September available drawing facilities totalled USD 31 million. We are in discussions with banks regarding financing of our newbuilding programme in Korea. All other commitments concerning ship investments are fully financed. Backed by a solid balance sheet, we may look for further opportunities in the financial markets to secure additional funding at reasonable terms. 5

6 Key figures (USD mill.) 3Q12 2Q12 3Q11 FY11 Cash and available-for-sale investments Interest bearing debt Net interest bearing debt Available drawing facilities Equity ratio 38.1% 39.6% 38.4% 39.6 % Shareholder information At the end of June, Odfjell A and B shares were trading at NOK and NOK respectively, against NOK and NOK respectively at the close of the previous quarter. By way of comparison, in the same period the Oslo Stock Exchange Benchmark Index gained 16% and the Transportation Index fell by 3%. As of 28 September 2012, Odfjell s market capitalisation amounted to NOK 1.9 billion. Prospects The difficult fiscal situation in Europe and in the US, and slower growth in China, are negatively impacting trade and thus, delay the upturn for the chemical tankers. The supply picture, however, continues to move in our favour as the expected annual growth of the chemical tankers fleet the next three years is the lowest in decades. A number of older vessels have been recycled following the implementation of sanctions on chemical trade out of Iran, thus further improving the balance. We expect to deliver stable results from the tank terminal division; however, the situation at Odfjell Terminals (Rotterdam) will continue to negatively impact the results of our tank terminal activities for the coming quarters. We expect that based on a successful implementation of our recovery plan, Odfjell Terminals (Rotterdam) will deliver improved results in Nevertheless, despite some improvements going forward, we still expect to deliver negative results also in the fourth quarter. Bergen, 13 November 2012 THE BOARD OF DIRECTORS OF ODFJELL SE 6

7 ODFJELL GROUP STATEMENT OF COMPREHENSIVE INCOME 1Q12 2Q12 3Q12 3Q11 YTD 3Q12 YTD 3Q11 FY2011 (USD mill) Gross revenue 333) ) Net income from associates 0) ) Voyage expenses (148) (137) (118) (147) (403) (382) (532) Time-charter expenses (44) (44) (43) (43) (130) (126) (168) Operating expenses (70) (68) (75) (60) (214) (170) (238) Gross result General and administrative expenses (30) (31) (33) (25) (94) (72) (104) Operating result before depreciation, amortisation and capital gain (loss) on non-current assets (EBITDA) Depreciation (32) (33) (33) (31) (98) (90) (122) Compensation ) Capital gain (loss) on non-current assets 1) ) Operating result (EBIT) 11. (5) (25) 2. (20) Interest income 1) ) Interest expenses (13) (13) (14) (11) (39) (32) (44) Other financial items (0) (8) (2) (4) (10) (1) 2) Currency gains (losses) 0) (1) (1) 2. (2) 3. 4) Net financial items (12) (22) (15) (12) (49) (28) (35) Result before taxes (2) (27) (40) (10) (68) (6) (13) Taxes (3) (1) 2. (3) (2) (5) (6) Net result continued operation (4) (28) (39) (13) (71) (11) (20) Net result from discontinued operation ) Net result (4) (28) (39) 261 (71) OTHER COMPREHENSIVE INCOME Cash flow hedges changes in fair value 12) (8) 21. (13) 26. (5) (5) Cash flow hedges transferred to profit and loss statement (3) (3) (6) (5) (12) (18) (22) Net gain/(loss) on available-for-sale investments 1) (0) 1. (1) 1. (1) (1) Exchange rate differences on translating foreign operations 6) (8) 6. (15) 4. (5) 3) Other comprehensive income 16. (19) 22. (34) 19. (29) (25) Total comprehensive income 12. (47) (17) 228 (52) Net result allocated to: Non-controlling interests 0) (0) Owner of parent (4) (28) (38) 261 (70) ) Total comprehensive income allocated to: Non-controlling interests 0) (0) (0) (1) (0) (0) 1 Owner of parent 12) (47) (17) 229. (52) Earnings per share (USD) basic/diluted (0.06) (0.35) (0.49) (0.15) (0.90) (0.13) (0.25) Earnings per share (USD) basic/diluted discontinued operations

8 BALANCE SHEET 1Q12 2Q12 3Q12 3Q11 FY2011 (USD mill) Intangible assets Ships Newbuilding contracts Tank terminals Other non-current assets Investments in associates Non-current receivables Total non-current assets Current receivables Bunkers and other inventories Derivative financial instruments Available-for-sale investments Cash and cash equivalents Total current assets Total assets Paid in equity Other equity Non-controlling interests Total equity Non-current liabilities Non-current interest bearing debt Total non-current liabilities Current portion of interest bearing debt Derivative financial instruments Current liabilities Total current liabilities Total equity and liabilities Exchange rate differences Fair value and other reserves Total other equity Noncontrolling interests STATEMENT OF CHANGES IN EQUITY Paid in equity Retained equity Total equity (USD mill) Equity as at Comprehensive income - (5) (24) Equity as at (20) Equity as at (24) 926) Comprehensive income (70) (51) (0) (51) Equity as at (8)

9 PROFITABILITY 1Q12 2Q12 3Q12 3Q11 YTD 3Q12 YTD 3Q11 FY2011 Earnings per share (USD) - basic/diluted (0.06) (0.35) (0.49) (0.15) (0.90) (0.13) (0.25) Earnings per share (USD) - basic/diluted discontinued operations Return on total assets 1) 1.1% (4.9%) (8.0%) 21.6% (1.7%) 12.2% 12.4% Return on equity 1) (2.2%) (11.4%) (16.1%) 26.5% (9.7%) 30.2% 30.3% Return on capital employed 1) 1.6% (1.1%) (4.9%) 14.8% (1.2%) 15.9% 2.5% FINANCIAL RATIOS Average number of shares (mill.) 2) Basic/diluted equity per share (USD) Share price per A-share (USD) Debt repayment capability (Years) NA Current ratio Equity ratio 40.4% 39.6% 38.1% 38.4% 38.1% 38.4% 39.6% USD/NOK rate at period end CASH FLOW STATEMENT (USD mill) CASH FLOW FROM OPERATING ACTIVITIES Operating result 11) (5) (25) 2) (20) ) Net result discontinued operations ) ) Depreciation and impairment 32) ) ) Capital (gain) loss on non-current assets (1) (1) (0) (0) (2) (31) (25) Capital (gain) loss on discontinuing operations (270) -. (270) (270) Compensation ) (6) Inventory (increase) decrease (2) (7) Trade debtors (increase) decrease ) ) Trade creditors increase (decrease) (1) (3) 2. (17) (2) (10) (9) Difference in pension cost and pension premium paid (2) 3. (1) 8) Other current accruals (15) 8. (3) (20) (9) ) Taxes paid (8) (12) 2. (15) (18) (39) 2) Net cash flow from operating activities CASH FLOW FROM INVESTING ACTIVITIES Sale of non-current assets 9) ) Sale of discontinued operation -) ) Investment in non-current assets (35) (37) (113) (10) (185) (188) (269) Available-for-sale investments (1) 5. (1((((1) ) Changes in non-current receivables 2) ) Interest received 1) ) Net cash flow from investing activities (25) (3) (111) 243. (139)

10 1Q12 2Q12 3Q12 3Q11 YTD 3Q12 YTD 3Q11 FY2011 CASH FLOW FROM FINANCING ACTIVITIES New interest bearing debt 11) (31) ) Payment of interest bearing debt (31) (125) (25) -) (182) (133) (274) Other financial expenses (0) (8) (2) (3) (10) (1) 3) Interest paid (13) (13) (14) (12) (39) (36) (44) Dividend -) ) -. 0) (14) Net cash flow from financing activities (33)... (37) (46)... (7)... (66)... (226)... Effect on cash balances from currency exchange rate fluctuations 1) (1) 0. (1) (0) (1) 0) Net change in cash and cash equivalents (36) (3) (33) 224. (72) Opening cash and cash equivalents 180) ) ) Ending cash and cash equivalents ) 2) Return ratios are based on annualised results, except for non-recurring items that are included in the relevant period. Odfjell has done a TRS October 1 st, ref note 3. Notes to the consolidated financial statements Note 1 Accounting principles Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company s address is Conrad Mohrsv. 29, Bergen, Norway. Basis of preparation The interim consolidated financial statements for Odfjell Group have been prepared in accordance with International Accounting Standard IAS 34 Interim Financial Reporting. The interim financial statements are unaudited. Significant accounting principles The accounting principles used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December These consolidated condensed financial statements should be read in conjunction with the 2011 annual financial statements, which include a full description of the Group s accounting principles. IASB has issued some standards or Interpretation, which are effective from 1 January 2013: IFRS 9 Financial Instruments IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangement IFRS 12 Disclosure of Involvements with Other Entities IFRS 13 Fair Value Measurement IAS 1 Financial Statement Presentation (amendment) IAS 19 Employee Benefits (amendment) IAS 27 Separate Financial Statement (revised) IAS 28 Investments in Associates and Joint Ventures (revised) It is expected that changes in IFRS 11 will have material effect in how Odfjell presents it joint arrangement. Changes in IAS 19, such as removing the corridor mechanism, will have material effect on the Groups financial statement. All other changes are expected to have no or only immaterial effect on the financial statement. Odfjell is in a process evaluating the potential accounting impact of the standards.

11 Note 2 Segment information (*) (USD mill) 1Q12 2Q12 3Q12 3Q11 YTD 3Q12 YTD 3Q11 FY2011 Chemical Tankers 294) ) Gas Carriers -) ) -) Tank Terminals 41) ) Gross revenue from internal customers (2) (1) (1) (1) (4) (3) (5) Total gross revenue Chemical Tankers Gas Carriers - - (1) - (1) -) -) Tank Terminals (7) Total operating result before depreciation, amortisation and capital gain (loss) on non-current assets (EBITDA) Chemical Tankers 3 (10) (9) (6) (17) 0. (9) Gas Carriers - -. (1) -) (1) -) -) Tank Terminals 8 5. (16) 9) (3) ) Total operating result (EBIT) 11 (5) (25) 2. (20) Chemical Tankers (8) (27) (23) (15) (58) (20) (34) Gas Carriers -) -) (1) -) (1) -) -) Tank Terminals 4) (1) (16) 2) (13) 9. 15) Total net result continued operation (4) (28) (39) (13) (71) (11) (20) Chemical Tankers ) - -) - Gas Carriers ) - -) - Tank Terminals ) - 288) 288 Total net result from discontinued operation Chemical Tankers (8) (27) (23) (15) (58) (20) (34) Gas Carriers -) -) (1) -) (1) -) -) Tank Terminals 4) (1) (16) 276) (13) ) Total net result (4) (28) (39) 261. (71) Chemical Tankers Gas Carriers Tank Terminals Total assets (*) Odfjell announced in August 2011 that an agreement had been signed to form a strategic partnership with affiliates of US-based private equity firm Lindsey Goldberg LLC. Through the transaction Lindsay Goldberg acquired a 49% indirect interest in each of Odfjell's tank terminals in Rotterdam and Houston as well as in the greenfield project in Charleston, South Carolina. Through a shareholder agreement the transaction has changed Odfjell's influence from control to joint control and Odfjell s total previous ownership is presented as discontinued operation from 2Q 2011 including re-presentation of profit and loss and cash flows for prior period. Meaning that there are no figures in the profit and loss statement related to these terminals until 15 August Change of control is effective from 15 August, and the remaining 51% interest is from this date presented as joint venture using proportionate consolidation.

12 Note 3 Events after balance date Odfjell Chemical Tankers AS, a 100% owned subsidiary of Odfjell SE has on October 1 st sold 500,000 A-shares in Odfjell SE at a price of NOK to Odfjell SE. The price reflects the average price for shares traded during the week before October 1 st. After this sale, Odfjell Chemical Tankers AS owns no shares in Odfjell SE. Furthermore, Odfjell SE has sold 5,891,166 A-shares and 2,322,482 B-shares to DNB Markets at an agreed price of NOK and NOK respectively, and has entered into a Total Return Swap (TRS) for 5,891,166 A-shares and 2,322,482 B- shares for agreed strike prices of NOK and NOK respectively, with expiry 2 January After these transactions Odfjell SE owns no shares in Odfjell SE. Note 4 - Net interest bearing liabilities (USD mill) YTD 3Q12 YTD 3Q11 FY2011 Loans from financial institutions floating interest rate ) Financial leases ) Bonds ) Current portion interest bearing debt ) Transaction costs (5) (5) (5) Total interest bearing debt Cash and cash equivalent (109) (369) (180) Available for sale investments (22) (18) (25) Net interest bearing liabilities Note 5 Transactions with related parties In the normal course of the conduct of its business, the Group enters into a number of transactions with related parties. Odfjell considers these arrangements to be on reasonable market terms. Note 6 Taxes Taxes are based on estimates. Note 7 Non-current assets (USD mill) YTD 3Q12 YTD 3Q11 FY2011 Net carrying amount beginning ) 2 118) Investments in non-current assets ) 269) Sale of non-current assets (33) (254) (306) Depreciation discontinued operation.-. (13) (13) Depreciation and impairment (95) (90) (122) Exchange differences 2. 5) 19) Net carrying amount end Note 8 Intangible assets (USD mill) YTD 3Q12 YTD 3Q11 FY2011 Net carrying amount beginning ) 11) Allocated fair value assets -. -) 112) Disposal -. (5) (5) Depreciation and impairment (3) -) (1) Exchange differences 1. (1) (1) Net carrying amount end

13 FLEET & TERMINAL OVERVIEW as per 05 November 2012 CHEMICAL TANKERS YEAR STAINLESS NUMBER OWNED: SHIP BUILT DWT CBM STEEL, CBM OF TANKS Bow Fuling Bow Lind Bow Elm Flumar Brasil Bow Saga¹ Bow Sirius¹ Bow Sea Flumar Maceio Bow Summer Bow Spring ¹ Bow Star Bow Sun Bow Firda Bow Chain Bow Andes Bow Fortune Bow Master Bow Mate Bow Pilot Bow Sailor Bow Cecil Bow Flora Bow Balearia Bow Oceanic Bow Bracaria Bow Brasilia Bow Cardinal Bow Faith Bow Aratu Bow Querida Bow Cedar Bow Atlantic Bow Fagus Bow Clipper Bow Flower Bow Eagle Bow Cheetah Bow Leopard Bow Fraternity Bow Victor TIME CHARTERED: NCC Reem UACC Masafi NCC Najem³ NCC Shams³ Chemroad Hope SG Pegasus NCC Danah³ NCC Nasma³ NCC Safa³ NCC Amal³ NCC Huda³ NCC Noor³ Stream Luna Bow Tone Bow Hector Southern Ibis Southern Jaguar Stream Mia Bow Sagami Bow Harmony Bow Cape Bow Kiso Bow Heron NCC Haiel³ NCC Dammam³ NCC Sudair³ Bow Lima Bow Fuji Bow Plata Bow Engineer Crystal Topaz³ Crystal Diamond³ Bow Sky² Bow Architect Bow Rio Bow Santos² Bow Asia² Bow Singapore² Bow Americas Bow de Rich Bow de Feng Bow Andino Crystal Amaranto³ Crystal Skye³ Bow Jubail² Bow Mekka² Bow Riyad² Crystal Amethyst³

14 TIME CHARTERED Crystal Emerald³ Crystal Pearl³ Bow Baha JBU Sapphire³ JBO Opal³ JBU Onyx³ COMMERCIAL MANAGEMENT: Northern Wolverine Northern Lynx Crystal Atlantica Number of ships: ¹ Vessel beneficially owned through financial lease. ² Vessel on bare-boat charter. ³ Vessel on variable time charter/pool. YEAR NUMBER GAS CARRIERS SHIP BUILT DWT CBM TYPE OF TANKS OWNED: Bow Gallant LPG/Ethylene 2 Bow Guardian LPG/Ethylene 2 ON ORDER: YARD DELIVERY DWT OWNER COMMENT ShinaSB (ex. SLS Shipbuilding) NCC 2 vessels Chongqing Chuandong Shipbuilding Industry Co.Ltd Odfjell " Odfjell Daewoo Shipbuilding and Marine Engineering Co Ltd Odfjell " NCC Hyundai Mipo Dockyard., Ltd Odfjell " Odfjell " Odfjell " Odfjell Number of newbuildings: STAINLESS STEEL, CBM NUMBER OF TANKS TANK TERMINALS OWNED LOCATION SHARE CBM Odfjell Terminals (Rotterdam) BV Rotterdam, NL 51% Odfjell Terminals (Houston) Inc Houston, USA 51% Odfjell Terminals (Jiangyin) Co Ltd Jiangyin, China 55 % Odfjell Terminals (Dalian) Ltd Dalian, China 50 % Odfjell Terminals (Korea) Co Ltd Onsan, Korea 50 % Oiltanking Odfjell Terminal Singapore Ltd Singapore 50 % Oiltanking Odfjell Terminal & Co. LLC Sohar, Oman % Noord Natie Odfjell Terminals Antwerp, Belgium 12.5% Exir Chemical Terminals PJSCO BIK, Iran 35 % Vopak Terminal Ningbo Ltd Ningbo, China 12.5% Total owned terminals 10 terminals STAINLESS STEEL, CBM ESTIMATED COMPLETION PROJECTS AND EXPANSIONS OWNED LOCATION SHARE CBM Odfjell Terminals (Charleston) LLC Charleston, USA 51% ready Q Odfjell Nangang Terminals (Tianjin) Co.,Ltd Tianjin, China 49% ready Q Total expansion owned terminals 2 new terminals STAINLESS STEEL, CBM NUMBER OF TANKS TANK TERMINALS PARTLY OWNED BY RELATED PARTIES*) LOCATION CBM Depositos Quimicos Mineros S.A. Callao, Peru Granel Quimica Ltda Santos I, Brazil Granel Quimica Ltda Rio Grande, Brazil Granel Quimica Ltda Sao Luis, Brazil Granel Quimica Ltda Ladario, Brazil Granel Quimica Ltda Triunfo, Brazil Granel Quimica Ltda Teresina, Brazil Odfjell Terminals Tagsa S.A. Buenos Aires, Argentina Odfjell Terminals Tagsa S.A. Campana, Argentina Terquim S.A. San Antonio, Chile Terquim S.A. Mejillones, Chile IMTT-Quebec Quebec, Canada Total related parties partly owned terminals PROJECTS AND EXPANSIONS PARTLY OWNED BY RELATED PALOCATION CBM COMPLETION Granel Quimica Ltda Aracruz, Brazil ready Q Granel Quimica Ltda Santos II, Brazil ready Q Terquim S.A. Mejillones, Chile ready Q Granel Quimica Ltda Palmas, Brazil ready Q Total expansion terminals partly owned by related parties 3 new terminals Grand total (incl. related tank terminals partly owned by related parties 22 terminals *) Tank terminals and projects partly owned by Odfjell family.

15 odfjell se Conrad Mohrsveg 29, P.O. Box 6101 Postterminalen 5892 Bergen, Norway Tel: Fax: Org. no: