Odfjell SE - Chemical Tanker Industry Update
Introduction
ESG
Key highlights and operational update
Results
Strategy update
Tank Terminals
Capital Allocation
Good start to the year. Based on the development so far, we expect 2Q20 results to be better than the 1Q20 results
The market
Spot market slightly softer, but activity remains good. CPP has helped us in 1Q/2Q
COA
coverage
COA rates continue to be renewed at higher rates, and our COA coverage remains at about 50%. Overall structure of our COA portfolio has strengthened
Our
performance
Our
focus
Finance
We continue to operate safely, with high utilisation of our ships and terminals and we have not yet detected slips in quality of service due to Covid-19
Recent cost cutting and efficiency gains mean we have a very competitive platform which can now focus on OPERATIONS without distractions
We have taken precautionary measures to build liquidity reserves due to the uncertain outlook driven by Covid-19
Our platform
Our performance during these unprecedented times has shown the resilience and the competitive advantage of our operational platform
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