DECEMBER 2016 · Stay safe Dear Colleagues, Kristian Mørch, CEO 10 16 22 26 Odfjell Quarterly ... Length over all 182.88 m Length between perpendiculars 179.50 m Breadth, moulded

ODFJELL

DECEMBER 2016

www.odfjell.com

O D FJ E L L Q U A R T E R LY M A G A Z I N E

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We have recently published our Q3 results, and it was a pleasure for me to present it to our investors, on behalf of all of you. The key message was that it has been ‘a good quarter, despite the challenging market condi-tions’ and although it is certainly true that our markets are challenging, it is a pleasure to see the continued improvement in our performance. How are we achieving this? • Our competitiveness continues to increase, with lower cost and more efficient operation (thanks to the effect of Felix)• Our portfolio of CoA’s is helping us to soften the impact of the spot market• We become wiser and smarter every day and we use data and business intelligence in making good decisions every day• Project Moneyball starts paying off i.e. we are seeing our ships spending less time in port • The extended use of technology innovation• Our colleagues at sea and on shore embrace our mission of handling hazardous cargoes safely and efficiently. This is the key to compe-ting successfully In this version of Quarterly we are presenting the new series of stainless steel tankers which we recently ordered. These vessels will be the largest and most efficient chemical tankers ever built (tank capacity of 55,000 cbm), and they will be important tools for us going forward. The

vessels will be deployed in our Round The World trade where they will operate together with our eight Poland class vessels. This will again free up the slightly smaller Kvaerner class vessels for utilization in our other trades. The South America trades are some of the most important trades we have, and we are working in parallel on other initiatives to secure tonnage that are specifically aimed for these trades. As 2016 is coming to an end it is also time to start thinking about 2017 and the future strategy for Odfjell. We have recently discussed the future strategic direction with the Board, and I am very encouraged about the new direction for Odfjell – we have spent the past two years building strength as a company internally, and now it is time to put that strength to use in our markets. The new strategy will be presented, and implemented, in the beginning of the new year. Thank you again for a great performance in Q3 and let´s keep going!

Stay safe

Dear Colleagues,Kristian Mørch, CEO

10 16 22 26

Odfjell Quarterly

EDITOR: Øistein Jensen

EDITORIAL COMMITTEE:Karin Ryland Blom, Matt Duke, Geirmund Drivenes, Leif Gunnar Alvær, Siri-Anne Mjåtvedt, Ann Kristin Møllerup, Gina Jamt Ånonli,Janne Rosenberg

CORRESPONDENTS:PHILIPPINES: Shiela Virtusio

Design: Bruno Blanchard, Cox Graphic production: Bjarte Kvinge Tvedt, CoxPrint: Scanner Grafisk AS

Front cover: Thomas KohnlePhoto this page: Thomas Kohnle

CONTENTS

Texts submitted to Quarterly may be subject to editorial adjustments. [email protected]

04 The next generation stainless steel chemical tankers06 Odfjell SE 3Q 2016 results07 SM2020 Vision statement08 New CEO of Odfjell Terminals10 Status of the Felix Energy Effiency Initiatives11Cargo Handling Course12 Sasol and Odfjell Tankers13 New Director of the Board14 From Captain to Chief of Staff15 Odfjell assumes full control over Odfjell y Vapores16 Global Safety Day 201618 Digitalization of our business

20 The future digital platform is here now21 The meerkat way at Odfjell Terminals 22 Project video update23 Odfjell Dalian Port Consulting Co. Ltd. (ODPC)24 OiP Gives Back to Mother Nature25 Odfjell’s Cultural Event during EPCA in Budapest25 20 Filipino Sailors Awarded26 Where the end of the world begins28 New hires30 Fleet & terminals


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HIGHLIGHTS ODFJELL QUARTERLY MAGAZINE

Odfjell proudly presents

THE NEXT GENERATION STAINLESS STEEL CHEMICAL TANKERS

OUR CUSTOMERS• Largest stainless steel super segregators in

the world• Providing superior flexibility, i.e. capable of carrying anything from small chemical parcels and semi gases and up to full cargo

CPP• Confirming Odfjell’s commitment to the high

end sophisticated chemical market

OUR INVESTORS• Ships ordered at very favorable terms

giving Odfjell the most stainless steel cubic metre capacity per dollar in the market and unmatched efficiency

THE ENVIRONMENT• Vessels built to modern standards with fuel

efficient hull designs and engines• Innovative design - best in class emission

per ton carried • State of the art design and equipment for

safe carriage

GOOD FOR

THE NEXT GENERATION

PRINCIPAL DIMENSIONSLength over all 182.88 mLength between perpendiculars 179.50 mBreadth, moulded 32.20 mDepth, moulded 19.80 mDraught design 11.00 mDraught scantling 13.20 mNumber of cargo tanks 33

CAPACITIESDeadweight at design draft Abt. 37.500 mtDeadweight at summer draft Abt. 49.000 mtCargo tank volume Abt. 54.600 m³

SPEEDService speed (at design draft) 14.0 knotsConsumption main engine Abt. 21,5 mt

MACHINERYMain engine MAN-B&W 6G50ME-C9.5 (Tier III) with HP SCR & EGB

49.000 DWT PRELIMINARY PARTICULARS

In November we announced that we have signed shipbuilding contracts with China Shipbuilding Trading CO., LTD and Hudong-Zhonghua Shipbuilding (Group) CO., LTD. to build our next generation of stainless steel super segregators.

The series of four chemical tankers with stainless steel cargo tanks are each 49,000 dwt, and have a cargo capacity of 54,600 cbm. This makes them the world’s largest stainless steel chemical tankers. The first vessel is expected to be delivered

in June 2019 and the following vessels with 3 months intervals.

During the last years this shipyard has delivered several chemical tankers with stainless steel cargo tanks, and is regarded to have one of the very few construction facilities in China able to meet Odfjell's quality standards for building such advanced chemical tanker vessels.

CEO Kristian Mørch comments, ‘this is the first time in 10 years that we reinvest in our core chemical tanker fleet. This is a big achievement and a big milestone for the company. We are very happy with the agreement, which is a significant step in solving our tonnage replacement needs.’

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ODFJELL QUARTERLY MAGAZINE

O D FJ E L L Q U A R T E R LY M A G A Z I N EW W W . O D FJ E L L . C O M

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Odfjell SE 3Q 2016: A good quarter despite challenging markets

EBITDA of USD 60 million and a net result of USD 16 million in third quarter compared to an EBITDA of USD 61 million and a net result of USD 16 million in previous quarter of 2016. The Balance sheet continues to strengthen.

The downward trend in freight rates we observed in 2Q continued through 3Q, however contract nominations and efficient allocation of our fleet softens the impact of the weaker market. The Chemical Tanker segment delivered an EBITDA of USD 48 million and an EBIT of USD 25 million, same as previous quarter.

Odfjell’s shareholding in the Tank Terminal segment continue to deliver stable results. EBITDA of USD 11.6 million in third quarter compared with USD 12.1 million in the previous quarter. The occupancy rate of commercially available capacity was 96%, compared to 97% last quarter.

‘Our markets continue to be challenging, but we continue to see improvements in our com-petitiveness, which softens the impact on the Odfjell results. The sale of the Oman terminal at an attractive valuation shows some of the underlying value in our terminal business’ says

Kristian Mørch, CEO of Odfjell SE.

Odfjell's shareholding in the Tank Terminal segment delivered stable results with high utilization. The three first vessels in Odfjell Gas' newbuild-ing programme have been cancelled and all paid instalments have been returned by the guarantor.

Successful placement of new unsecured bond issueOdfjell announced in September that we successfully completed a new unsecured bond issue of NOK 500 million with maturity date in September 2019. The bond issue was significantly oversubscribed. The net proceeds from the contemplated bond issue will be used for general corporate purposes, including part refinancing of existing bonds and potential future growth opportunities.

Selling our share in the tank terminal in OmanOdfjell Terminals B.V. (‘OTBV’), the joint venture holding company that owns and operates substantially all of Odfjell's tank terminals worldwide, has entered into an agreement to sell its 29.75% indirect

ownership in Oiltanking Odfjell Terminals & Co. LLC (‘OOT’) in Oman for around USD 130 million. The transaction will result in a net gain of approximately USD 90 million for OTBV. Closing of the transaction is subject to customary regulatory approval.

Commenting on the transaction Kristian Mørch, CEO of Odfjell and Chairman of Odfjell Terminals B.V., says: ‘We are pleased to have concluded on the sale of our Oman terminal at what we believe is a very attractive valuation and is a testimony to the strength and quality of the investments made in Oman since 2008.’

Frank Erkelens, CEO of Odfjell Terminals B.V. comments: ‘We appreciate the cooperation we have had with our good partners in Oman, and wish them a successful future further developing the full potential of the terminal. This divestment is in line with our strategy to focus on the terminals where we have manage-rial control of the assets and to further invest in growth opportunities in our core markets, such as Houston and Rotterdam.’

By Terje Iversen, CFO/SVP Finance, Bergen

Odfjell’s story is a history of embracing change, of constantly evolving, and of pioneering inno-vation. Change has always been our constant.

As such it only comes natural for us to con-clude a continuation (phase II) of Project Process Mapping On board, a project which now will be named Project SM2020. The overall goal for this project is to continue to develop an innovative Ship Management organisation both on board and at the offices.

The term Process might be somewhat unclear. A Process is a sequence of activities performed to achieve a result. When I talk about using a process approach, it means that we define the optimal way to organise, manage and control the activities. Typical examples of processes are: Tank cleaning process managed by the Deck department, Bunkering process managed by the Engine department, Maintenance process managed by the Technical Superintendent group, the Vetting process managed by the Marine Superintendence group, Crew Change pro-cess managed by the Crewing group and the Purchasing managed by Purchasing group. Of course, the listed are not exhaustive and only serve as examples.

My overall vision for Project SM2020 is that this project will be a main contribution in making Ship Management workflow on board as well as at our offices more safe and efficient. A very important part of the vision for this project is also to improve communication and team work. This can be realised by a better identification, understanding and implemen-tation of best practises on board all of our vessels and offices. The better we understand the interaction between the processes and the groups, the better we can support each other.

How we define our processes is up to our-selves, but the better they are identified, the better we can conclude and share best practises. This will also enable us to make better decisions on the needed resources to handle tasks for various processes, as well as improve tools to support the processes, such as f.inst risk assessments, checklists, procedures, PPE, ICT and Technology.

Our extensive Safety and Quality Management System (SQMS) offers experience and exper-tise, best practises, risk assessment, abidance by rules and regulations as well as vetting requirements, and continuous improvements. Competence, skills and experience are the key factors behind the development of our SQMS.

SM2020 – Vision statement By Helge Olsen, Senior Vice President Ship Management, Bergen

SM2020 aims at utilising this extensive baseline of competence and knowledge in an efficient, simplified and user-friendly way. As our tasks are basically a composition of numerous smaller and larger processes, many of which are moving across shore and/or sea, it makes sense to present the ‘sharp end’ of our operations in a process-oriented manner (instead of as pure text-based procedures).

Our goal is to use modern information and communications technology to store, present, verify, improve and monitor all relevant aspects of the processes on board and ashore.

The user interfaces shall be easily understood and motivating to use. The user interfaces shall provide safe and efficient decision-making data to the Management, both ashore and on board.

The Project also fit well into the changes requested by many of our crew to reformat the structure and overall presentation of our procedures and supporting tools – that our procedures and tools should be more easily ‘digestible’ and understandable and for them to be clear, concise and ‘to the point’.

Representatives from our Fleets in Norway, Singapore and Brasil converge in Singapore during Week 36 in the aim of reviewing and mapping their processes. VPs Fleet Management Mr. Geirmund Drivenes of Fleet Bergen, Mr. Kjell Vassdal of Fleet Flumar and Mr. William Lim of Fleet Asia where all present for this event



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New CEO of Odfjell TerminalsFrank Erkelens joined Odfjell as CEO for Odfjell Terminals BV on May 1st 2016. ‘I was really pleased when I was asked to contribute to the future of Odfjell Terminals. A great challenge and opportunity to work for Odfjell, whom I knew and respected already for years’, he says. Please meet Frank Erkelens. My history with Odfjell and Odfjell Terminals goes back at least 30 years. With my father I practiced driving in his car to get my driver’s license at the Oude Maasweg, which is where Odfjell Terminals (Rotterdam) (OTR) is located. At that time I did not know how my professional future would look like, but born and raised in Rotterdam, the dynamics of the Port appealed to me. The refineries, chemical plants and terminals raised my interest and curiosity in understanding what was going on in the port of Rotterdam and how it was all interconnected. What impressed and fascinated me the most were the ships going in and out of the port from and to unknown destinations. Thirty years later, I am proud to be the CEO of Odfjell Terminals.

I graduated from The Erasmus University in Rotterdam in Business Administration with a Master’s degree in Strategic Management. After working some years as a consultant, I entered into the tank storage industry in 1995, working for Pakhoed, one of the predecessors of Vopak. As part of my introduction I got the opportunity to visit the impressive terminal at the Oude Maasweg, with the mighty ships at the jetties. Five years later this terminal became OTR, when the terminal was sold to Odfjell by Vopak as a result of the merger between Van Ommeren and Pakhoed.

Around that time I spent a lot of time with Odfjell Tankers to jointly offer our services to customers and to create synergies from the cooperation by optimizing our customer’s supply chains. At that time the family culture of Odfjell already appealed to me.

After the merger my career in Vopak accele-rated. I was offered several very interesting challenges in amongst which in shipping, before I became responsible for all the chemi-cal terminals of Vopak in the Netherlands and in Belgium, competing with OTR. After two years I became President for the Europe, Middle East and Africa division. That was 10 years ago.

A remarkable achievement, recognized also by our customers, and an inspiration to us all.

Odfjell Terminals has its challenges, but also many opportunities. It is my responsibility to keep the company, its employees and its environment safe and to guide it to a suc-cessful future, by making sure we have a clear ambition and direction and we focus on the right priorities. Everyone in Odfjell Terminals can contribute to making our company a better company day after day. My door will always be open to anyone who has ideas on how to improve the way we work or to give me feedback on how I can do things better. I will do my utmost to make this part of our company culture.

Since I started at Odfjell Terminals I did not have a lot of spare time to spend on one of my favorite summertime hobbies which is playing golf. In the wintertime I like to go snowboarding, which I try to do as many times during the winter as I can. I hope the next few months will give me some time for that. I like to stay fit by running 3x a week, which I also try to do while travelling. The weekends at home are mainly spent with my kids, Kim (16) and Tom (14). On Saturdays they play field hockey competition, which I try to attend as much as possible. When we have the opportunity we like to go wake boarding, karting or play games. When we have more time available we really enjoy sailing, snowboarding and skiing together.

After 20 years of Vopak it became time to look for new challenges. I was really pleased when I was asked to contribute to the future of Odfjell Terminals. A great challenge and opportunity to work for Odfjell, whom I knew and respected already for years.

I started With Odfjell Terminals on May 1st. Since then I have spent my time getting to know the terminals and the people, and to make an assessment of what we need to do to become more successful. OTR has gone through a very difficult period after the safety shutdown in 2012 and that has had an effect on the entire terminals group. The majority of our resources were focused on bringing the terminal back into operation. Meanwhile more than 1 million cubic meter of storage capacity has been brought back into service, against the most stringent regulations, and I have a lot of respect of all the people who have contributed to this.

Now that the majority of the capacity in Rotterdam is back into service, it is important that Odfjell Terminals has a clear strategy. A strategy which is based on safety (always our top priority) and on delivering the best possible service to our customers in the most efficient way, so that we can create value to all our stakeholders. In order to do so, we need to make sure that our services and associated infrastructure and required investments are aligned with the demands and expectations of the market.

In Rotterdam this is unfortunately not the case yet, as our customers are not always satisfied with the service that we are providing them. In Rotterdam we also have over 600,000 cbm capacity out of service, which we need to bring back into operation, as well as the opportunity to develop new capacity at vacant land at the terminal and Odfjell Terminals Maritiem. We are meanwhile finalizing a Masterplan for OTR which will address all these topics to position the terminal to safely and efficiently service our customers in the key markets we are targeting. An important element to this success is to provide access for LR2 size vessels as from the beginning of 2018.

The shale gas boom in North America has transformed manufacturers in the US from high-cost producers of key petrochemicals and resins to some of the lowest-cost producers

globally, second to only the Middle East. This has resulted in a wave of new petrochemical production capacity expansion, which is all planned to come on stream in the next few years. A substantial part of this production is aimed at markets outside the US, requiring terminal facilities for export.

This development offers a great opportunity for our Houston terminal, as we are in an excellent land location at the entrance of Houston ship channel and have land and waterfront available to expand our capacity.

The development and execution of our Masterplan for Rotterdam and our expansion of our Houston terminal will have our highest priority within our strategy in the next few years.

Odfjell Terminals is well positioned in Asia, with five terminals alongside major shipping lanes. These terminals are known by our customers and the authorities for having an excellent track record with regard to safety and service, which is impressive to have witnessed. With the slowdown of economic growth in China, we experience a temporary drop in the growth of demand for tank storage capacity, which causes a slowdown in the expansion of our activities in the region. I am sure this demand will pick up again in the future, and we are very well positioned to grasp the opportunity to expand when it does.

I am very pleased that we have finally received the permits we need to operate our new terminal in Tianjin, and I appreciate all the efforts of the people who were involved to achieve this. I wish the terminal, its staff and its customers a safe and healthy future.

Ownership, passion, commitment and team work are the key contributors to this success, anywhere within our company. It is my aim to make sure Odfjell Terminals is a company we can all be proud of. We can all contribute to that. I witnessed a great example of ownership and team work when I visited our terminal in Charleston after hurricane Matthew hit the facility. In teamwork with their colleagues from Houston, the Charleston team made the terminal safe in the days before Matthew, and brought it back into operation only two days after Matthew, without any harm to people, the environment and the installation.



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Status of theFelix Energy Efficiency Initi ativesBy Erik Hjortland, Manager, Fleet Performance & Bunkering, Bergen

Cargo Handling Course – Bergen 2016

During Project Felix we decided to implement around ten sub-projects addressing cost reductions related to bunkers purchase and energy efficiency. Many of the objectives have already been met, and our retrofit-program is progressing at good pace.

Status of the most important initiatives is as follows: 15 vessels are retrofitted with reversed osmosis plants (for more cost-efficient fresh water production), and eight more are in the process to install and commission the plant.

We have re-developed our fleet performance concept, and address on daily basis potential over-consumption on our vessels though a sophisticated and interactive, in-house made alert-system. The combination of this concept and the RO-plant project has led to a reduction in the average daily consumption on auxiliary boilers at sea by 42% and in port by 21% compared to 2014, and the numbers continue to improve.

Nine Kvaerner vessels, and three B588 vessels have undergone retrofitting of the new propulsion concept. Seven more vessels are scheduled for completion in 2016 and 2017. The energy savings documented during the sea trials have now been verified over time and we conclude that they exceed 20%. As such the vessels are now A+ rated on the RightShip Energy Scale and consequently among the top 5% most energy efficient chemical tankers in the world.

One of the initiatives has been to develop an underwater service concept to reduce the effects of marine fouling on our vessels’ propeller and hull. On the 14 first operations under this regime we achieved an average energy saving of 14%, and have completed close to 150 operations since implementation.

In addition to the consumption reductions, we have also done some changes to our bunkers purchase concept. One of the areas

we have addressed has been to try to move more bunkers stems to our top-ten bunkers ports as these ports generally offer significantly cheaper bunkers than the other ports. Our top 10 port exposure have increased more than 10% when comparing Q3 2016 with Q1 2015, and represents a substantial monetary saving.

When combinding all the Felix Energy Effiency initiatives, and compare the current fleet`s daily consumption the last quarter with its consumption pre-implementation (speed corrected), the statistics show that the fleet consumes almost 100 tonne fuel per day less than it did two years ago.

This past May, I was fortunate enough to attend this year’s cargo handling course in Bergen. Though I expected a week’s worth of intense technical and operational information overload, the new found appreciation of the work we do as a whole, was unexpected.

The connections I made and the willingness of all of my colleagues to find common ground to efficiently execute our day to day tasks and challenges will forever be irreplaceable. They often describe teamwork as one plus one equals three- this couldn’t be a better description of our Odfjell team. Upon meeting my col-leagues from Bergen and various global offices, this not only put faces to email but created a sense of ease and comradery when working together. As eager as I was to get a feel for the multiple facets of the Bergen office daily grind, I found most were just as eager to ask about the challenges we face in my Houston office.

The cargo handling course itself was an eye-opener, especially for a relatively newcomer to the chemical shipping

industry. The course highlighted many of the required tasks and processes involved in making each and every voyage as efficient and successful as possible. From the chemistry make-up of any particular cargo, to the preparations needed commercially and operationally, I found there is so much more to what our Odfjell team does than I realized. Since returning to Houston, I find myself to be much more in tune with the activities going on around me. The things I learned from the course have put into perspective some of the how’s and why’s of my daily tasks as well as opened a more effective line of communication between myself and my colleagues abroad.

I walked away from this experience not only with memories of the beautiful city of Bergen and new found love of Hansa (beer), but with a sense of pride. Odfjell’s ability to develop their employees to not only maintain competitive edge in this ever changing game we call chemical shipping, but to allow us all to grow and strengthen personally, is something I will be forever grateful for.

By Brittney McGinn, Senior Documentation Specialist, Houston



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W W W . O D FJ E L L . C O M

Hans N. J. Smits– New Director of the Board

Odfjell appoints new VP Legal & Insurance

At the general meeting of Odfjell SE on May 9th 2016 Hans N. J. Smits was elected as new Director of the Board.

Hans N. J. Smits is a Dutch citizen. He holds a degree in civil engineering from the Technical University of Delft (1973) and an MBA from the Erasmus University Rotterdam (1975).

From 1975 to 1992 he held various administra-tive and management positions associated to Dutch Ministries.

In the period 1992-1998 Mr Smits was President/CEO of Amsterdam Airport Schiphol, and from 1998 to 2002 he was Vice Chairman and later Chairman of the Executive Board of Rabobank Nederland. He was President/CEO of Port of Rotterdam Authority from 2005 to 2014.

Hans Smits is now President/CEO of Jansen de Jong Groep, a large Dutch construction company. He is Chairman of the Supervisory Board of KLM Nederland B.V. and Chairman of the Supervisory Board of Erasmus University Rotterdam. In May, he also joined the Board of Air France-KLM Group. Hans Smits owns no shares in Odfjell SE, and he has no formal ties to major shareholders of Odfjell SE.

‘We are excited to welcome Hans Smits to the Board of Odfjell SE. Hans has a distinguished career with experience ranging from the Port of Rotterdam, the airline industry, banking and construction, so he will most certainly contribute with valuable insights in the discussions of the Board’, says chairman Laurence Odfjell to Quarterly.

Odfjell is pleased to announce that Elsebeth Cathrine Guttormsen is appointed as new Vice President Legal & Insurance. She commences her new position on 1st of December.

Ms Guttormsen is a Norwegian citizen and has previously held a position as Vice President Legal at Jo Tankers. She has her law degree/Cand. Jur. from the University in Bergen, and she also has a Master Degree (LLM) in

International Trade Law from London. Ms Guttormsen started her shipping career in Jo Tankers in the Commercial Department/Claims & Demurrage. She later moved on to become Head of Legal and Insurance. She has a wide experience from i.e. new building projects, contractual work, renewal of insu-rances to claims handling. Ms Guttormsen says she is very much looking forward to start working at Odfjell.

Sasol and Odfjell Tankers back in business togetherBy Hans Christian Rabben, VP Middle East/India and Africa, Bergen

The European Petrochemical Association (EPCA) Annual Meeting is held every year in the autumn. This year the 50th ECPA conference took place in Budapest early October.

Odfjell Tankers as well as Odfjell Terminals are always well represented at this important venue to meet with key players in our industry.One of the clients we met in Budapest was Sasol, the well known South African company listed both on the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE).

As many of you may be aware of we entered into a new Contract of Affreightment (CoA) with Sasol this summer. Performing this con-tract we are employing two Kvaerner vessels

serving Sasol on a continuous basis. The ves-sels are loading in Durban and Richards Bay before heading to Singapore, West Coast India and Middle East for discharge. This logistics solution provides Sasol with the required capacity, predictability and flexibility.

The CoA is still in an early phase but we have nevertheless managed to solve the initial commercial and operational challenges – much thanks to excellent cooperation with our counterparts in Sasol. In this work we are also utilizing our internal resources in Durban, Singapore, Mumbai and Dubai. As such, this contract is a very good example of the advantages with a truly global office structure.

Despite still being in the early days we took the opportunity at the EPCA to get together and discuss lessons learned and to exchange experiences. The contract is long term and we look forward to extending good and mutually beneficial cooperation in the years to come.

Picture left to right: Hans Chr Rabben, VP Middle East/India/Africa, Kristian Mørch, CEO Odfjell SE, Ben Human, Sr Manager Marine Logistics Sourcing Sasol, Sanet Jacobs, CPO/VP Procurement Sasol, Harald Fotland, SVP Odfjell Tankers



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Odfjell y Vapores (OyV) is a joint venture between Odfjell and the Chilean ship-ping company CSAV (Compañía Sud Americana de Vapores). In October Odfjell bought out our partner and by that gained full control over Odfjell y Vapores.

The joint venture was founded in 1997 and has been operating two stainless steel chemical tankers on the West Coast of South America. The vessels have primarily been serving the mining industry in Chile and Peru.

The purpose with the transaction was to get better control with our operations on the West Coast of South American and also to better utilize the synergies between Odfjell Tankers and the two OyV vessels Bow Andes and Bow Condor.

Both vessels are 16 000 dwt, fully stainless steel and built in 2000. Bow Condor has 30 tanks and Bow Andes has 22 tanks. The two vessels will sail under Marshall Island flag, they will be operated by Odfjell Tankers and ship management services will be transferred to Flumar – our integrated ship owning company in Brazil.

The transaction will enable Odfjell Tankers to further consolidate our activities in the region. We will increase our local presence and by that better serve our customers.

Øistein Jensen has now been with Odfjell as Chief of Staff for nine exciting months. It is about time that we get an insight into who Øistein is, what he will bring along to Odfjell and what we believe are the biggest challenges and opportunities for the future. Please meet Øistein Jensen.

You came to Odfjell in February this year, but we’ve not had the opportunity to interview you for Quarterly before. Can you give us a quick introduction?

– Thank you! Well I have a naval background, and served as a captain of submarine in the navy before I started working within Management Consulting in PwC, where I worked for 10 years. I have a degree from the Royal Norwegian Naval Academy and an MBA from Norwegian business school. I’m 44, married and we have two children who are five and nine years old.

What experiences will you bring with you to Odfjell?

– I think the experience of working many years at sea, three years as a captain, and two years with captain selection and training, gives me a better understanding of the core of our business. The actual feeling and experience of the responsibility you have as a captain at sea is something you cannot learn from a book. Secondly the experience of working with many different businesses, people and organisation as a management consultant have given me a unique insight into what works or not in organisations. I have had the opportunity to work with the management of many companies, being able to bring an outside view towards their leadership chal-lenges. I will try to bring this experience and knowledge with me into my job as Chief of Staff.

How much did you know about Odfjell before you started?

– Odfjell and other shipping companies in Bergen are well known. Odfjell has a strong name in Bergen. Since I’ve been a part of the maritime industry and business in Bergen I knew Odfjell, but I can’t say I knew the company very well.

What is your impression after six months as Chief of Staff?

– That is a difficult question to answer in a concise manner. I started just after Felix, so

From captain to Chief of Staffwide, and varies every day, so it is difficult to point out something special. I would choose three elements I find important: 1) Being global means we have to have high integrity as individuals and as company. We need to do things right. 2) We need to be able to innovate and develop, or else we will be overtaken by competitors and the whole market. 3) We need to be able to attract, develop and retain talent. In the end it all comes down to people. These are the areas where I will have my focus.

Any special experiences so far in Odfjell?

– This year people have had injuries working for Odfjell. One is one too many. This affects me personally and professionally. A safe working environment is important. To experi-ence accidents is something one should never get used to. I think every day is special, but I would like to mention three. 1) It was a good experience visiting one of our ships, Bow Jubail, where I also went down for a tank inspection- into the heart of the heart of our business. It was great both to see it and talk to our people on board. 2) I enjoy working with my colleagues in Bergen office. I’ve felt welcome from the first day. 3) I also have had the opportunity to visit our office at Manila three times. It brings me so much joy meeting our people there – their passion for Odfjell and their work is an inspiration to me.

Any interests outside work you can talk about? And how do you use sports/hobbies to discon-nect or enhance work?

– I find joy in spending time with family and friends. With two young kids, it is always busy home. I have always loved skiing, both down-hill and cross country. I try to work out as often as I can. I train for ski races through the year, and normally compete in 3-4 races. Physical activity gives me energy. The adrenaline and endorphins the body produces make you happy. I never have a negative thought while running or skiing. And of course I am more than average interested in sports equipment, so being active is a good justification to buy some new gear.

Odfjell assumes full control of Odfjell y Vapores By Harald Fotland, Senior Vice President, Odfjell Tankers, Bergen

I only know the post-Felix-Odfjell. But my experience is that it is a company still in a turnaround. Meaning there are a lot of changes happening in parallel to improve the business. The organisation is settling, but with new roles, new tempo. We are now fewer people to do same and new tasks. I sense a lot of energy in the organisation. I also see enthusiasm, now when we see that the hard work from everyone pays off. We have good results in challenging markets, and we will start building new ships again. If it hadn’t come down to a competitive cost level, we would not been able to do that. I really look forward to following those new builds from specifications to their first voyage. My experience from other companies going through large changes is the same. It is more hectic, people are busier, there are less people

which requires prioritization of the tasks we do. But it gives energy for innovation, and also an opportunity to ask ourselves what else we can do to improve and reduce cost and improve quality and not compromise on safety. An important impression, is that we have a very professional organisation with highly skilled and experienced people. Still I think we have an opportunity to work closer and more seamlessly between lines of business, companies and offices, and improve internal communication. We are working on this now.

What do you believe would be the biggest challenges and opportunities going forward? – Our business is truly global, which means we

are sensitive to global events and the global market. I think the biggest challenge for us will be to follow and lead in a continually changing market. We need to constantly improve to be a part of this business. We need to innovate, adopt technology and also challenge ourselves as individuals and organisation on how we think about strategy and processes and how to be a leader in our industry. This is a challenge, but also an amazing opportunity.

How will you contribute to the development of Odfjell?

– My most important job will be that we have sufficient corporate functions and the best possible organisation and processes to sup-port our global operations. My role is quite

Bow Andes and Bow Condor



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In line with International Labor Organization (ILO), Odfjell celebrated its 4th annual Global Safety Day last April 28, 2016. The celebration includes all Odfjell organisation guided by the theme from ILO that was ‘Workplace Stress: A Collective Challenge’.

Video presentation from CEO Kristian Mørch was presented to all the offices and ships. There he emphasized on not compromising on safety and he is personally committed to safety as Odfjell’s top priority.

Corporate QHSE had prepared a video that was shown in Insite titled ‘Work Happy. Manage Stress’.

Celebration on boardOdfjell vessels, from different parts of the world, participated in the Global Safety Day. Stress management discussion started with the video of CEO. Then they had a group discussion about stress and how it is affecting their job. They also identify the main stressors on their job and how to avoid them.

‘All crew participated actively during the activities. The topics discussed were well appreciated by all crew especially the causes, symptoms and how to respond to stress’ was reported from Bow Dalian.

Familiarization with the procedures related to fire, as well as a fire drill on board, were conducted on different vessels as part of their on board celebration.

Safety day in Singapore officeLead by Manager Overseas Officer Johan Halle, Manager Risk Management Capt. Ajay Furtado, and their Work Council, activities were set to celebrate the Global Safety Day in Singapore office.

They had a session on stress and anger management. Capt. Ajay did a presentation about stress which includes videos shown to the employees.

Questionnaires were distributed to the employees that they answered to assess their stress and health. The session also included games and quizzes about anger management with live scores shown on the screen.

Our CEO, Kristian Mørch, emphasize that stress, although not intui-tively a safety issue, can be a huge issue. Actions and decisions made under stress can be easily bad and lead to accidents. He also mentioned that for this year, we should focus on how to reduce the negative stress and how to think and manage stressful situation. He also discussed that if the body is exposed to stress over longer time it has a very negative effect, and gave tips on how to reduce stress.‘It is important that you are aware of what triggers stress for you and then work on reducing it’ as he mentioned in his GSD video.

Anson Koh, from ASK Training did a talk about anger management that taught them the techniques to diffuse situations and how to calm down when they were angry. ‘To manage stress it is important to identify situations that cause stress. Self-reflection goes a long way in helping you identify these situations. No matter how stressful life may seem, taking charge of your lifestyle, thoughts and emotions will help you gain control and relieve the pressure. The key is to Stop Stress before it Stops You.’ Capt. Ashley Fernandes, QA Superintendent, states on his take away

from their celebration.

Celebration in the terminalsOdfjell Terminals celebrated the Odfjell Global Safety Day in 2016 with the theme ‘Work Place Stress and Chronic Unease’. The focus was that stress can be both positive and negative. Negative stress impacts not only our minds but our bodies as well and how to manage stress properly. The other side of our focus was positive workplace stress that can be healthy if properly utilized as the opposite of complacency. Chronic Unease is the state of psychological strain in which an individual

experiences discomfort and concern about the control of risks.

Each terminal invited outside stakeholders to be a part of the Global Safety Day to rein-force that we are a part of the communities around us. The day included activities such as a joint drill with the local fire department in Charleston, to local health centers giving presentations on stress at OTR. Through these kind of activities and awareness training on the various types of stress Odfjell Terminals utilized the Global Safety Day to focus on the risks of our business.

Odfjell Global Safety Day 2016

Workplace Stress: A collective challenge.By: Agnes Gimena, with inputs from Capt. Ajay Furtado and Shaun Kizewski

Crew identifying stressors on their job Capt Ajay gives presentation about stress management

Odfjell Terminals Dalian employees during their safety day celebrationFirefighting training on board as one of the activities set for the vessels



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Digitalization of our business – what does it mean for Odfjell?By Matt Duke, Corporate VP IT, Bergen

In previous editions of Quarterly we have discussed several initiatives that aim to provide Odfjell & our customers’ advantages through the implementation of modern technology and digital innovations that improve our business operations.

Digital and digitalization are hot topics these days. One can be forgiven for feeling bewildered by the countless new types of technology that are being discussed in the mainstream press. Cloud, Big Data, Disruptive Technology, Internet of Things (IOT), Algorithmic Business & Advanced Analytics to name just a few. There are many factors coming into play that can have quite profound effects on all business, not just Odfjell.

In this article I will try to give context to several of these new technologies and how we are leveraging them positively for our business.Our vessels & terminals are becoming more connected. The concept of connecting physical devices, vessels, buildings, or other items by use of embedding sensors, or other electronics that connect over a network is referred to as the ‘Internet of Things’ or IOT for short. This new connected world must be treated cautiously, at Odfjell safety is our #1 priority, so cyber security must be treated accordingly, however for our company it opens up a wealth of opportunities to collect and respond to information. A moni-tor might provide information around engine performance, tank temperature or geographical location of a vessel. Previously this information was only available locally on board, but in this new world where our vessels are connected 24/7/365 providing some of this information

towards shore is relatively straightforward and very useful. Project ‘VIDEO’ in this issue of quarterly discusses how we are taking advantage of these new opportunities, whilst also trying ease the burden on the crew who are tasked with updating information on board.

Collecting & sending data is only one side of the story, it is also essential to have the ability to store, clean and present this unstructured data as useful information. For Odfjell there are three digital technologies in use that give us that opportunity: Cloud infrastructure, Big Data & Advanced Analytics.

Traditionally Odfjell built large datacenters locally to our offices, building server capacity and processing capability on premise. This had some advantages in terms of being very custom to our needs, but the main negative sides are the cost to install, upgrade to latest technology, maintain and change capacity to suit varying trends in business needs. The solution to this has been the move from purely on premise solutions to a new hybrid world, where we also run applications and databases on a hosted platform from Microsoft, called Azure. In this issue you can also learn about our migration of office applications and email to Office 365, a cloud based infrastructure running on Microsoft Azure.

This solution allows our vessels and on shore employees to stay in contact and share informa-tion without the need for costly on premise/vessel servers and applications. It also provides a higher degree of flexibility for which devices are able to connect securely to our services.

With the cloud infrastructure as the base, we then can start to collect large amounts of information. Vessel location, energy con-sumption, cargo temperature and status, port activities etc. We have a modern Ship/Shore solution from Veson Nautical, called IMOS/Veslink, and we also collect multiple other sources of internal/external information.

This covers both the commercial side of the business, but also information that aides our Ship Management department, where we have developed several solutions to assist in cost control and energy consumption optimization. All of these different sources are combined into our ‘Big Data’ solution, where we use a finely tuned process to clean, structure and prepare the combination of our own information and external information together as one source.

This leads us to the final digital innovation I wanted to cover in this article: Advanced Analytics. The real value of collecting data comes from being able to provide the busi-ness with real-time dashboards and business decision support tools. We have come a long way in the past two years, and we are actively supporting our core Odfjell Tankers and Ship

Management divisions with a wide range of different tools and abilities, all made possible due to the advances of IOT, Big Data and finally Advanced Analytics. The main focus of these tools is clear: Improve our performance, safety and service to our customers. Odfjell strives to be a leading actor in the transportation and storage of bulk liquids. In order for us to keep innovating, and keep striving to be

better, we see that digital opportunities are a key strategic direction for our business.

As the future new buildings and retrofitting provide ever more digital opportunities, we are quite certain this trend will continue, and shipping companies unwilling or unable to invest in these technologies will be a great disadvantage moving forwards.

Harald Fotland, SVP Odfjell Tankers

Moving Odfjell Tankers into the digital age has been quite a steep learning curve. We started by working with IT to ensure the foundations were in place. A modern ERP tool from Veson nautical, and our ‘always on’ vessels were provided the tools needed to ensure we could capture information correctly. Our first major initiative to use these opportunity was in the field of Energy efficiency, as described in an earlier edi-tion of Quarterly. This project was highly successful and since then we have built our capabilities in many other commercial and operational areas. We are particularly pleased that we can combine internal and external information sources with ease, and that IT is able to assist providing the required training so that in the future we can further tune new dashboards and reports without IT assistance, allowing them to focus on reviewing and implemen-ting further digital innovations that benefit our customers and business.

Øistein Jensen, SVP & Chief of Staff

As Chief of Staff I am responsible for all of our Corporate Service functions, including IT. We see that digital opportunities and threats are major strategic factors for the business, and I am ensuring that our IT team is given the resources and mandate to continue to review, recommend and implement relevant technologies where we see a business case

to do so. I also experience that Advanced Analytics have brought IT very close to the business, where we are able to deliver high levels of service and support right into the core functions. Providing value for our contribu-tion is essential for Odfjell to succeed and I am confident this trend will continue to be beneficial for the company.

‘Always on’ connected vessels provide the network foundation for taking advantage of the ‘Internet of Things’

Despite being in the middle of the ocean, this vessel is fully connected to our digital platform

Process automation and maintenance systems have traditionally lived in a separate ecosystem. Odfjell is now reviewing how information from these systems can benefit the wider organization



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The future digital platform is here nowBy Gunnar Eide, Manger IT Business Support, Bergen

Imagine working and editing on the same office document at the same time with a colleague at a distant office. Imagine working with docu-ments and email anywhere from any device without compromising IT security. Imagine having your files available anytime. All of this is now possible through the new IT platform Office 365 by Microsoft and is now deployed to Odfjell test pilot users around the world by Odfjell IT.

It all started last year when Odfjell IT started a project on renewing the current Business Mail add in for Outlook that today is used for email flow in Odfjell Tankers. As Microsoft made the old version they were invited together with other vendors to come up with an alternative

that could replace our old solution, and fit into the new world of cloud enabled IT. They won the competition and a new version of Business Mail is now ready for deployment to pilot users in Odfjell.

The new Business Mail is based on Microsoft´s new cloud based platform Office 365. The definition of cloud based platform is an IT service that is delivered over the internet to consumers. Popular cloud services today are Googles Gmail, Apples Music and Drop Box file sharing. The Office 365 platform is a package of services like OneDrive, Exchange Mail, Skype and Office applications amongst others that are all available online for Odfjell.

A vital part of the new Business Mail is Groups, a new way of collaboration that is now part of Office 365. In Groups users can share a mail box, a notebook, a calendar and a common file repository like a SharePoint team site. The idea is that an Odfjell role such as an operator, superintendent or purchaser can be a member of several groups and subscribe to the groups‘ email boxes as they used to subscribe to public mail boxes in the old solution. An example of a group can be Operator Bow Firda. The benefit of Groups to the old public mail folders are the mentioned new shared features that makes it easier to collaborate about the role.

The new Business Mail is developed for Odfjell Tankers, but all the companies can benefit from using Business Mail and Groups as it can increase the collaboration in the company. However, Business Mail will first be rolled out to Tankers Business Units early next year and the rest can follow thereafter.

As the new Business Mail and Groups use Exchange Online we have started to migrate pilot users to Exchange Online from on premises servers. The big change is that emails will not be stored in Odfjell servers in Bergen but at Microsoft datacenters in Europe. For users the big change will be to use Outlook for email and calendar on mobile devices instead of the standard applications. We focused with the business on making the new business mail UX (User experience) as an evolution from the existing application, to ease training, whilst also making it very visual for the end user to see when they are sending as a common email.

The benefits of cloud email are that it is always available on any device, also on IT maintenance days, and the pilot test users report that they really appreciate to have 10 years of emails easily available in their inbox compared to the old vaulted mail solution.

Another benefit of email cloud service is that Odfjell will get a robust and modern email solution and at the same time IT can use the freed up resources on competitive advantage technologies such as Business Intelligence.

After the pilot period there are two phases of upgrades. First we will migrate non-business mail units like Terminals to Exchange Online and Office 365, as they can be migrated Terminal by Terminal. And then later the busi-ness mail units like Tankers will be migrated as they all need to be migrated at the same time. The migration itself will be seamless;

Kristian Mørch, CEO Odfjell SE

For me, running the business means I must understand the business. Business Analytics based on reliable and tested information are crucial digital tools for me to be able to keep fully updated with our performance at any given time. I am very pleased with the Office 365 cloud tool ‘Power BI’ which allows me to securely review my dashboards and reports

from my office, or from my mobile devices when on travel. This works really well and is a fantastic way digital has made it easier for me to do my work, and have the information I need at my fingertips, no matter where I am in the world.

Leif Gunnar Alver, Manager ERP & Competency Development

Business Mail is a critical tool for Odfjell Tankers, and we are pleased that it was possible to combine this custom application with the new Office 365 groups. We see many advantages with the new solution, with better access from mobile phones and tablets, whilst at the same time meeting our strict IT security policy.

For Odfjell Tankers we are using the Power BI application already, and have tested many of the new features of the product like Yammer and Delve.

We believe this will be an important digital brick in our journey to be truly paperless in the office and on board, and any tools which make it easier for our teams to collaborate globally and towards the vessels are highly appreci-ated by us, as it helps us deliver the best possible service we can deliver to our customers. For me personally, I am looking forward to seeing how the ship/shore and ship/ship collaboration changes after all vessels are enabled on the solution.

however it will be quite noticeable as it introduces new tools for mail and office. There will be held training sessions by local IT at each business unit in forehand of the migration and proper user documentation will be provided for the new Outlook client for mail and calendar on mobile devices.

Office 365 is so much more than a new email client on your phone, or a fresher looking office. It introduces many new fea-tures like One Drive for Business, Groups, Power Apps and Power BI that can make us work smarter and more effective and give us a competitive edge in our industry.

The Meerkat Way at Odfjell Terminals (Houston) and Odfjell Terminals (Charleston)By Robin Cole, Director QHSE Odfjell Terminals (Houston) and Odfjell Terminals (Charleston)

When you think of a Meerkat and wonder how they have lasted so long in civilization, one knows that although they are very small (9 to11 inches tall and only 2.2 lbs), they survive against animals much bigger than them because of their natural instinct to ‘look out for one another’. According to Wikipedia, Meerkats work together in a group with one ‘sentry’ on guard watching for predators while the others search for food. The meerkat standing guard makes peeping sounds when all is well.

The goal at both Odfjell Terminals (Houston) LP (OTH) and Odfjell Terminals (Charleston) Inc. (OTC) is to have a ‘meerkat culture’ where it is routine to communicate both unsafe acts and/or conditions immediately to each other in the spirit of ‘no harm to people, assets and the environment’.

This Intervention Program rolled out in the beginning of 2016 and so far over 300 observa-tions have been acted upon and is a ‘low cost’ high impact program and everyone who par-ticipates receives a lapel pin that reads ‘Goal Zero – Safety is a Value – Odfjell Terminals’.

How it works…• Employees/Contractors can stop work activ-ity if they consider the activity to be unsafe until corrective action has been taken• A One-on-One conversation with a colleague around unsafe acts or behaviors

• Be respectful• Identify the concern (unsafe action or behavior observed)• State why a concern• Offer Corrective Action(s)• Request compliance• Acknowledge compliance• Document Intervention on Intervention Card & submit via regular mail slot or scan and submit electronically• Interventions are recorded on a Site spread-sheet & shared with the site• Cards are Risk assessed ranked and monthly winners are awarded based on highest ranked potential• This is an Observation Intervention card that can be used in the field when doing walk arounds, in the office when working on computers, in the parking lot and when on travel. You can also use this card to walk up to a task and check if all heading are being performed Safely

At Odfjell Terminals US, we believe in T.E.A.M work where, like Meerkats, Together Everyone Achieves More!

For additional information, please contact Robin Cole, QHSE Director – US at [email protected].



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Vessel Integrated Data Exchange Options (VIDEO) Are there great unseen options for saving time on reporting and IT related tasks?By Tom Hagesæther, IT Project Portfolio Manager, Bergen

Reporting from the vessels is distributed over many purpose made applications. Considerable time is used daily in these systems. The reporting requirements may very well become illogical, fragmented and disconnected over time as they are adjusted by many stakeholders. Are there great unseen options for saving time on reporting and IT related tasks?

The Vessel Integrated Data Exchange Options (VIDEO) project was started in March this year to answer this question. About 40 personal interviews with officers and key stakeholders, both on vessel and onshore, have since been facilitated. Both Odfjell Tankers and Ship Management systems have been in scope of the investigation.

The result is more than 60 identified impedi-ments and suggestions for improvements. Also a better overall description of all our systems and their interactions are tailored. All the impediments and suggestions have been analyzed to assess their opportunities, cost, complexity and impact with objective to save time for our sailors.

The most promising initiatives have then been allocated to the various owners within Ship Management, Odfjell Tankers and our IT organisation. This has triggered actions ranging from very simple clarifications, changed usage of systems and practices to brand new IT development projects.

Where many of the improvements can be observed in future releases of Veslink, DNV Exchange and CostGuard the first actual deliveries will come with ORCA 4.0 currently ready for distribution on the vessels. Other enhancements seen are how we use Navtor for passage planning.

The overall conclusion from the VIDEO initiative is that improvements of minor impediments matter as they typically re-occur on many days on many vessels. We need to facilitate good conversations to understand them; we need to bring result of these con-versations to the right owners and finally we need with dedication be eager to continuously improve!

Bjarte Wetteland, VP Procurement & Control, Ship ManagementIn order to continue to streamline SM’s operations we need to turn every stone to reduce the administrative workload on board. By the VIDEO initiative, IT has greatly supported SM in turning (and weighing) the ‘stones’ specifically pointed out by our seafarers. I am very pleased with the structured man-ner IT assisted us in understanding and scoring the different initiatives. A scoring model was devised where ‘Time Saved, Complexity, Cost, Impact, Duration and Consensus’ could be weighed up against each other and fair priority given based on that. During the presentation of the results at the officer’s conferences in Manila and Bergen, our officers were provided all of the background information to review how their inputs had been recognized and acted upon. We see that there will be many VIDEO related initiatives in the period to come that will help our crew be more efficient and bet-ter able to perform their important duties.

Maneuvering with Bow Chain.Visited in April 2016

Final Review on ‘National Occupational Skill Standards for Liquid Cargoes Handling for Operators’ and Progress Report on ‘Professional Development for Sea/Land Transportation and Handling of Dangerous Goods’.

On 23/24 June 2016, the Vocational Qualification Centre from the Ministry of Transportation chaired a final review in Dalian City on ‘National Occupational Skill Standards for Liquid Cargoes Handling for Operators’ (hereinafter refers to as the 'Standards') in Dalian. The review was chaired by Mr. Liu Peng, Chief of Vocational Qualification Centre. A total of seven industry experts from Beijing, Shanghai, Qingdao, Jiangsu, Dalian and three members of ODPC whom drafted the Standards participated in the final meeting.

At the meeting the background and develop-ment of the drafted standards produced by ODPC were introduced and requested the experts’ panel to carefully review the standards and offer recommendations and improve-ment. ODPC presented the work preparations and conditions leading to the final draft of the standards. The panel of experts unanimously approved the draft standards and urged ODPC to modify and improve on the draft based on their comments. The final version of the standards shall be submitted to The Ministry of Human Resources & Social Security for approval. Once approved, the standards shall become the official ‘National Standards’ to be implemented in China.

Since 2014, ODPC has been working on the ‘National Occupational Skill Standards for Liquid Cargoes Handling for Operators’. Odfjell Terminals is proud to announce this historical leap from a proposed draft standards to a National Standards to be implemented across China. In addition, ODPC has completed the professional skill appraisal work for ‘Terminal Liquid Cargo Handling for Operator’ and marked the leading trainer position of ODPC in the field of petrochemical storage and transportation.

On the progress for the ‘Professional Development for Sea/Land Transportation and Handling of Dangerous Goods’, ODPC has completed the portion of the test question-naires for the ‘Handling of Dangerous Cargoes’ (for Operators), which will be downloaded

Odfjell Dalian Port Consulting Co. Ltd. (ODPC)By Chester Lee, Senior Vice President Region Asia, Singapore

on the Vocational Qualification Centre web system. It will be used by the Centre in a trial test for examination purpose to qualify personnels to work in the Petrochemical Industry. The Vocational Qualification Centre has entrusted ODPC to complete final draft of the teaching material for ‘Dangerous liquid goods transportation’ by the end of July with the intention to complete all teaching materi-als and to publish them by the end 2016. The Department of Vocational Qualification Centre recognizes and appreciates the stan-dards and other professional qualification management works established by ODPC and plans to apply to the Ministry of Transport to approve ODPC as the ‘Contact’ for Ministry of Transport to continue with the ‘Professional Development for Sea/Land Transportation and Handling of Dangerous Goods’.

The development of the ‘National Occupational Skill Standards for Liquid Cargoes Handling by Operators’ and the ‘Professional Development for Sea/Land Transportation and Handling of Dangerous Goods’ have consolidated the strong part-nership between ODPC and the Vocational Qualification Center of Ministry of Transport. ODPC will continue to provide all round safety and operations training and consulting ser-vices such as emergency response planning to bulk liquid petrochemical terminals in China.



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OiP Gives Back to Mother NatureBy Hyacinth Rajcel Sharma, Course Developer, Manila

20 Filipino Sailors awarded for

25 Years of Exceptional Loyalty and Service Shiela Virtusio, Information Officer, Manila

August 20th 2016 - Odfjell in the Philippines (OiP) employees trekked the forested area of Siniloan, Laguna and planted 400 trees to contribute to the reforestation efforts done on the Siniloan, Laguna-Quezon Land Grant.

Each OiP volunteer planted at least 10 seed-lings of indigenous hard wood species which include Malaruhat (Syzygium spp.), Nauru (Pterocarpus indices), Banilad (Sterculia philippinensis) and Bolong-eta (Diospyros philippinensis).

During his acceptance of the FEED & UPLB Certificate of Appreciation, then VP Maritime Personnel and Manager Overseas Office Mr. Tore Henriksen appreciated the opportunity he was granted to plant ‘the first trees ever in his life’.

CSR Activity turned Bonding ActivityOdfjell aims at sustainable development for our investors, customers, employees and the communities in which we operate through balancing financial results and corporate social responsibility within our sphere of influ-ence. Organized by HR and Employee Board, the Tree-Planting Activity is OiP’s contribution to the sustainability of the environment. As Shared Services Centre Manila Manager Ms. Vanessa Medina said, planting a tree is leaving a living legacy.

It was a long drive from the OiP office in Manila to the tree-planting venue. Thankfully, the group was blessed with fair weather that made them enjoy not only the digging of the soil and the planting of the trees but also the breath-taking landscape.

Partnership with FEED, Inc.The CSR activity was carried out in partner-ship with Fostering Education & Environment for Development (FEED). FEED Inc. is a non-stock, non-profit, non-governmental organisation which supports sustainable education & tree-planting, aiming to inclu-sively grow, preserve and protect Philippine biodiversity – marine and terrestrial – flora through integrated social forestry programs, community development initiatives, and sci-entific and practical research into agricultural, environmental, farming, forestry and fisheries studies.

Twenty Filipino seafarers were honoured for their 25 years of dedicated service to the Company in an Awarding Ceremony held 14th September at Hotel Jen Manila.

SVP Ship Management Mr. Helge Olsen, VP Fleet Management Asia Mr. William Lim and then VP MPS Mr. Tore Henriksen presented the certificates of recognition and tokens of appreciation to the following sailors:

Bosun Rufo D. Abuan, Jr.Captain Pablito D. AbunyawanSecond Officer Ronald C. ArboledaMotorman Rolito S. BangalisanBosun Joeffrey BarrientosChief Cook Agustin D. BillonesMr. Jun CosioCaptain Alfred S. GabuatMotorman Arle D. GelardinoCaptain Pedro M. GirasolBosun Nestor A. LansanganAble Seaman Rizalino G. MadridBosun Edmundo C. Malamhay, Sr.Chief Officer Gine Bobby L. ParaguyaPump Man Wilfredo R. Pasague, Jr.aChief Officer Joselito P. PiadSecond Officer Carlos S. Porciuncula, Jr.Bosun Arnel C. ReyesChief Steward Pacifico T. SalangsangPump Man Antonio C. Salve

Inspirational WordsIn his opening remarks Mr. Olsen looked back on the 31 years of Odfjell's presence in the Philippines and thanked Filipino seafarers and shore staff alike for their dedication to the Company.

‘I am deeply grateful for such a loyalty,‘he said as he honoured the 218 declared awardees with 25 or more years of service since 2010, 151 of whom are still connected with the Company.

Mr. Olsen also thanked the families of the seafarers for their support to their sailing family members.

Words of GratitudeMrs. Josephine Arboleda, wife of Second Officer Ronald Arboleda, delivered a speech to honour not only the seafarers, but her fellow wives as well, who double as fathers to their children whenever their seafaring husbands are away. The seafarers afterwards expressed their gratitude to their wives by offering them flowers.

Response from the AwardeesCaptain Pablito Abunyawan, who has been commanding Odfjell vessels since 1995, spoke on behalf of the Awardees. He expressed his satisfaction with the years he has stayed with Odfjell, as well as his excitement on what's in store for the Company in the future.

Closing MessageVP Fleet Management Bergen Mr. Geirmund Drivenes closed the program touching on the developments in Ship Management, and on loyalty, effortlessly pronouncing pakikisama and pakikipagkapwa-tao – two concepts that were discussed during the conference.

OiP congratulates and thanks our 20 loyal seafarers for their unparalleled dedication and selfless service.

Odfjell’s Cultural Event during EPCA in Budapest

EPCA is the European Petrochemical Association, a network for the global chemical business community in Europe. The 50th Annual meeting was held in Budapest from 1 to 4 October 2016.

Odfjell had representation from both terminal and shipping side during this conference. Numerous meetings were held with existing and potential new customers from all over the world both for the duration of the conference.

This year Odfjell also hosted a Cultural Event during EPCA in Budapest. How many times have you been on a busi-ness trip and after the visit you can only remember the cab, a meeting room and the people you met?After consulting our customers they all had the same experience.

This was the main reason to organize for the first time a small cultural tour for a selected group of customers at the start of the EPCA event.

A guided bus tour was arranged to drive along the ‘hot-spots’ of Budapest and a walk around the Buda Castle District, where we ended at a typical Hungarian restaurant for lunch with Odfjell wine served. Although the group was small, the customers who joined us were very enthusiastic and highly appreciated the event. Based on the feedback we decided to repeat this cultural event at next year’s EPCA – a new tradition is born!!



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nice and a fresh breeze was blowing, so he named the starting village ‘Santa Maria de los Buenos Aires’. Roughly translated, ‘Buenos Aires’ means ‘Nice breeze’. But for him the weather was the only good part about this hostile land. While building a small palisade town, he began negotiating with the Indians over the provision of food and other stuff. But he was not successful. The locals understood what was going on, and war started. All the expeditions towards the Indians were a disas-ter. As a reprisal, the town was attacked by the ‘Pampas’ and burned every single night. Most of the soldiers were killed, the town was sieged and those remaining died of starva-tion. If they were not killed by Indians when looking for food, the jaguars, a feline size of a leopard, did the job. The leader got sick and died trying to return to Spain. The village was finally abandoned, and the last women and men migrated in search of a better neighbor-hood. They travelled 1,300 km north, settling the foundation of ‘Asuncion del Paraguay’ in August 1537. Nothing remains from the first Buenos Aires. The basque Juan de Garay, who sailed down from the same Asunción, founded Buenos Aires for the second time on May 28, 1580. Even then it was uncertain that was erected in the same place.

The ship is now docked at Pier 7. The gangway is securely tied to the deck. Jorge and Gabriel, who are boarding agents designated by Odfjell Argentina, are coming aboard.‘Hello Captain! Welcome to Argentina! How was the sailing?’ ‘Eh, well. It was good,’ he said, nervously

stretching out the words. ‘Interesting entrance to Dock Sud. Quite a small pier. There was very little space to manoeuvre. I cannot understand how coastguards can leave that old launch moored just at the stern of the ship? Is so close to the ships shaft that it could be easily sunk during a manoeuvre!’‘We think the same, and most likely they also knew it. Maybe they want to!’‘So this is the Dock? And is that TAGSA, the old terminal of Dock Sud?’ pointing to the bow where some white/tanks blue lettering reads Odfjell Terminals.

‘Yes it is! It started operating 7 tanks in 1969. I heard it was the first terminal built by Odfjell in the world. But, sorry Captain, the opera-tion is facing an unexpected delay. I guess Norberto, the operator from the office, has reported to you that there is a truck strike. The shore tanks are partially filled, and customs is not allowing us to start loading until the total quantity is in those tanks.’ ‘OK, then, maybe I could have a nap? I really need to rest!’‘Yes, maybe after the clearance! Health, Migrations, Coastguards, Customs and Sanitary authorities are all here and want to meet you. Yes, it is still a bureaucratic system but it will take only few hours.’‘Really?’

‘Something else. It’s uncertain when we can start operating but it is my understanding not before tomorrow. So, why don’t you take a taxi and visit the city? As soon as there is an indication that the operation can start, we

port opened, which is still in use today.

The phone is ringing. Norberto, the port operator from Odfjell Argentina, is on the other end. He informs that the strike is continuing. ‘But we got the confirmation of new cargo. Your next port will be La Plata, then San Lorenzo, two or three berths and there is a possibility of ending the rotation at Bahia Blanca.’‘Ok, thanks and please keep the ship informed of any communication.’‘Yes, of course. There is a special purging and ballast procedure to follow before calling La Plata - YPF terminal, which we will report to the ship now. Maybe we can coordinate the inspection of the loading tanks at Dock Sud?’‘Yes, we can. They are already clean, so we can start purging after the inspection, and tender on the arrival at Zona Comun.’‘Excellent, Captain call you later!’

Following the Captain’s list, walking by the pedestrian Florida Street, there were some leather goods stores, great places to buy basic jackets and shoes. Inside there were other useless things today, such as Mates (a wood or plant container were the locals drink something like a tea), Boleadoras (an Indian weapon made of two or three stones tied to leather rope that is thrown to trap a horse’s legs), steal knives with horn handles, ponchos and English style and a local horse seats. It’s lunchtime and he arrived at the ‘La Estancia’ restaurant which was also recom-mended in the list. From the street a huge circular fireplace with the embers in the

The Captain of Bow Flower is at the bridge. The ship has been sailing for 12 hours and he is tired. He looks through his binoculars one more time. The smoke of the Refinery is at port side, the shipyards on starboard and the berths A & A in the bow. Just in front ‘What place is this? Who can build a pier in the middle of a narrow channel?’ But, as always, the events move fast and, leaving behind the two piers, the pilot shouts: ‘All Starboard! Stop Engines!’.

Everything is progressing as previously planned, but the Chief Mate discretely walks up to the Captain and asks him in very low voice:‘Wasn’t the berth at port side? Isn’t it on the opposite way?’‘Yes, but we will do it all the way backwards! Isn’t it Pilot?’ the Captain replied intentionally loud.‘Yes Captain, just in that small entrance at stern! As you said, we will sail all the way backwards.’ The pilot replied not taking away the sight on the tugboats, which are now turning the ship. ‘OK! So, this is the Dock Sud of Buenos Aires!’ the chief says to himself.

Nobody knows where Pedro de Mendoza founded Buenos Aires for the first time. It was too far from civilization to be attractive. Maybe he was looking for gold or silver, because somebody had named this river ‘Rio de la Plata’ which means River of Silver. But no one ever found any. Even the exact date of the foundation is uncertain. Estimates are February 2 or 3, 1536. The weather was

in the list and Buenos Aires was the entrance port. A massive migration started coming from most of the European countries. The Spanish language was close to losing the battle against the Italian language, because, even though immigrants were coming from everywhere, Italy provided most of them with different dialects. However, the ‘Lunfardo’ starting appearing. It was the language of the port - a mix of Spanish, sailor’s slang, different versions of Italian and languages from other countries as well. The Lunfardo found the perfect friend in the lyrics of the coming music and the tango, danced by the lower classes at the port pubs known as the ‘Cantinas’.

But in 1880, the creative impulse started in almost every discipline. Buenos Aires sud-denly transformed from a village into a city. Argentina was a promising country and every business could start and develop very easily and fast, though in a messy way. The conquest of the Pampas & the Patagonia was coming to a close in 1885, and the risk of being assaulted by a surprise Indian attack was tapering off as well. Consequently, the lands increased significantly and new cattle-brands arrived in Argentina from England. This filled the Pampas with new cows and bulls, making it possible to develop meat, milk and cheese in important quantities. The English investors understood the necessity of Meat Factories for exporting, and this brought the construction of 100,000 km of railway lines together with the first port at Buenos Aires, ‘Puerto Madero’, in 1897. A short time later, in 1919, another

Where the end of the world beginsBy Cesar Fernandez Biscay, General Manager, Odfjell Argentina S.A.

will phone you and in half an hour you can be on board again. We can easily write a list of some places to go.’‘I’m a little tired after being at the bridge for more than half a day, but maybe that is a good idea after doing the clearance and getting some rest!’

The trip started close to the port just within the mouth of the river, ‘La Boca’ (which means mouth). It started on the simple street of Caminito which is full of ugly, picturesque, old, metal, colourful houses built by the Genovese immigrants. Then on to the Football Stadium of Boca Juniors, one of Argentina’s most important teams. Founded in 1905, the first decision was a difficult one: selecting the colours of the jersey. So they decided to choose the colours of the flag of the first ship calling the port. They sat in the Dock and waited. Finally, a Swedish ship came in, so the shirt was blue and yellow.

The taxi left the Captain at Ave. Cordoba and Florida. The square is dominated by a classic shopping mall built by an Italian architect in 1894 and inspired by the big European Gallerias. The buildings of Buenos Aires can shed light on the cultural influence of the huge migration faced in her best years. In 1870, the national government understood that the country will not grow-up in terms of quantity and in knowledge without contribution from more advanced immigrants. Simultaneously, many troubles in Europe indicated that some new countries in America could be places to live. Argentina was far away, but somewhere

Puerto Madero, the first Harbour of Buenos Aires. Built in 1898, today it’s a new part of the city and the harbour is a popular spot for tourists to walk

Frigate President Sarmiento, the First Navy specific School Ship Built in 1897, today it’s a museum at Puerto Madero ‘Casa Rosada’ – Presidential House painted pink



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29


NEW HIRES

MANILA

Mary Ann Cielo Pruel CFA Assistant 22.03.16

Lorraine Efa Front Desk Assistant 13.06.16

Ace Gonzalo ICT Support Consultant 18.01.16

Jhen Cabunilas Ship Auditor 29.02.16

Joseane Silva de Azevedo Sirino Tax analyst Pl. 18.07.16

Mira Dela Roca Training Coordinator 03.10.16

Bruno Uigor Menezes Oliveira Accounting Auxiliary 01.08.16

Mylen Flores Payroll Officer 31.03.16

Roberto Barroso Rodrigues Technical Superintendent 18.07.16

Ciera Joaquin Training Coordinator 03.10.16

Sabrina Magnenti Rossi Finance Analyst Jr. 01.04.16

Luna Wei Director Finance 01.05.16

Dennis de Hoog Allround operator 01.07.16

Christopher Nelson Operator 23.05.16

Kevin DeShazo Emergency Response Coordinator 01.08.16

Robert Cruz Operator 23.05.16

Charles Vance Operator 23.05.16

Rebecca Pehler Process Safety Engineer 23.05.16

Fred de Kok Allround operator 01.08.16

Zach Sharver Operator 23.05.16

Rolando Garza Ship Agent 29.02.16

Ingmar Bergmann Group Treasury Manager 01.09.16

Koert Schouten CFO 01.04.16

Frank Erkelens CEO Odfjell Terminals01.05.16

Peter Lichteveld Teamlead TOB & Jetties 01.05.16

Jordi van der Valk Allround operator 01.06.16

Perry van den BergeAllround operator 01.06.16

Timica Irchirl Documentation Specialist 26.09.16

Nathan Odom Operator23.05.16

Angela Patterson Quality & Safety Engineer09.05.16

Steven van der Weiden Allround operator 01.04.16

Angela Patterson Quality & Safety Engineer 09.05.16

Patrick Tolenaar Operator logistics (office) 01.07.16

HOUSTON

HOUSTON ROTTERDAM

ROTTERDAM

Rogier Bezuijen Allround operator 01.08.16

Stephan Baaij Coordinator Management Systems 01.08.16

Travis Barron Operator 04.04.16

William King Operator 04.04.16

Kevin Campbell Operator 04.04.16

Mike McCoy Operations Manager 25.07.16

Elsebeth C. GuttormsenVP Legal & Insurance 01.12.16

Eivind Dragesund Rørvik Manager Strategy 19.09.16

Christopher Stene Fleet Performance Analyst 01.05.16

BERGEN HOUSTON/CHARLESTON SHANGHAI (OMC)

Xu HuiqinAccountant 15.02.16

BERGENGro Solberg-Hansen Executive Secretary 02.12.91

ROTTERDAMRick Meyboom Production Engineer Project Support 01.07.91

Arie Sprong Allround Operator 01.07.91

Peter van der Weegen Engineer Static 01.07.91

Edwin Evers Allround Operator 01.08.91

Theo Scheer Allround Operator 01.09.91

Jan Drinkwaard Allround Operator 01.10.91

Hester de Geus Allround Operator 01.10.91

Rene Monster CCC-Officer 01.11.91

Alex van der Bijl Allround Operator 01.08.86

Roman Kucharek CCR-operator 01.09.86

Hans Vermeulen Operational Development Manager 01.09.81

Hans Geefshuysen Planner 01.08.81

Jan Stender CCR-operator 01.09.81

Herman van Vliet Operator logistics (field) 30.08.71

FLUMAR/SAO PAULOKnut Øvrebø President Flumar/VP Odfjell Brasil 17.08.76

MANILATeofilo Cosio Jr. Q88 Coordinator 15.11.91

SINGAPOREJan Harald Otterskred Port Captain 09.09.90

Knut H. Holsen SVP Odfjell Gas Carriers 01.11.86

Karin Ryland Blom Executive Secretary 01.09.81

25 YEARS

30YEARS

35YEARS

40 YEARS

25 YEARS

25 YEARS

45 YEARS

30 YEARS

35 YEARS

25 YEARS


Kristian Halseide Lygre Ship Broker Singapore to Bergen 01.06.16

Olav Henning Næss Commercial Manager Bergen to Houston 18.07.16

RELOCATIONS

Bjørn Hammer VP Tonnage Procurement Houston to Bergen 16.04.16

Wilson Aw Terminal Manager OTA to OTJ 01.08.16

Thomas Tao Project Manager Region Asia ONTT to OTA 09.07.16

Edilardo Vicedo III Ship Auditor From Vessel to Manila29.02.16

Melbar Ortiz Ship Auditor From Vessel to Manila 16.03.16

Rajesh Kumar Technical Superintendent 15.08.16

SINGAPORE FLUMAR

Minz Xu Ship Broker 29.06.16

Fred HooFinancial Controller Region Asia 01.06.16

centre could be seen. Around it stood a circle of erected iron crosses that suspended the ribs of cows, pigs and Patagonian lambs. The menu is also written in English but the suggested cuts are hardly understood, so he follows the waiters’ suggestion:‘Please, an Asado and a Bife de Chorizo? Medium rare?’ The waiter came back with two cuts of 10 cm bone ribs, a separate blooding and a tender beef weighing about one kg. It was a lot to eat in a single day but the asado is the traditional meal of Argentina. However, the influence of the varied migrations also contributes to the local menu with all the Italian pastas, pizzas, empanadas, milanesas and also the many different Spanish ways of cooking seafood.

After lunch we needed to walk for a while. So again, we headed towards downtown. We reached Plaza de Mayo with a Pyramid in the centre. Built in 1811, it is the oldest monument in town, showing that in May 25, 1810 these people initiated a revolution against the king of Spain looking for freedom and independence.

An old book store appeared as we walked under the trees lining Avenida de May. We talked with the owner, and as soon as he understood he was dealing with a foreigner seaman he searched and found an English book that relayed the story of a light house at the southern tip of Argentina, close to where the Norwegian whale hunters were catching the humpback whales in the late 19th century. The Captain put it in his pocket and left. The telephone rang again. It was Norberto. He informed that the strike had lifted. The Captain headed back to the ship.

The operation ended and Bow Flower is sailing out of the harbour. The ship left the piers, the shipyard and the refinery in its wake. The old but now refurnished storehouses of Puerto Madero were visible at stern. At the bridge, the Pilot is offering a ‘Mate’ to the Captain, who tastes it for the first time. On the radio the music plays an old tango of Carlos Gardel, who sings ‘Mi Buenos Aires querido, cuando yo te vuelva a ver...’

The book is still in his pocket. It was written by the French writer Jules Verne in 1901. It tells the story of a lighthouse keeper who sails from Buenos Aires to Isla de los Estados, a forgotten island where nobody can ever live at the end of the continent. A new lighthouse started shining to prevent more wrecks at the point where the oceans meet. It’s where the storms are unforgiving. It’s the place the sailors call the end of the world.



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Fleet list as per 1 November 2016

YEAR STAINLESS NUMBER CHEMICAL TANKERS BUILT DWT CBM STEEL, CBM OF TANKS OWNERSHIP

Bow Firda 2003 37 427 40 645 40 645 47 Owned Bow Chain 2002 37 518 40 621 40 621 47 Owned Bow Fortune 1999 37 395 40 619 40 619 47 Owned Bow Flora 1998 37 369 40 515 33 236 47 Owned Bow Cecil 1998 37 369 40 515 33 236 47 Leased Bow Faith 1997 37 479 41 487 34 208 52 Owned Bow Cardinal 1997 37 446 41 487 34 208 52 Leased Bow Jubail 1996 37 499 41 488 34 209 52 B/B Bow Cedar 1996 37 455 41 488 41 488 52 Owned Bow Fagus 1995 37 375 41 608 34 329 52 Owned Bow Mekka 1995 37 272 41 606 34 257 52 B/B Bow Clipper 1995 37 221 41 596 34 328 52 Owned Bow Riyad 1995 37 221 41 492 34 213 52 B/B Bow Flower 1994 37 221 41 492 34 213 52 Owned Bow Saga 2007 49 559 52 126 52 126 40 Leased Bow Sea 2006 49 592 52 107 52 107 40 Owned Bow Sirius 2006 49 539 52 155 52 155 40 Leased Bow Summer 2005 49 592 52 128 52 128 40 Owned Bow Sky 2005 49 479 52 126 52 126 40 Leased Bow Star 2004 49 487 52 127 52 127 40 Owned Bow Spring 2004 49 429 52 127 52 127 40 Owned Bow Sun 2003 42 459 52 127 52 127 40 Owned Bristol Trader 2016 35 863 38 315 37 549 18 T/C Bow Hector 2009 33 694 37 384 37 384 16 T/C Bow Tone 2009 33 625 37 974 37 974 16 T/C Bow Heron 2008 33 707 37 365 37 365 16 T/C Bow Sagami 2008 33 641 38 000 38 000 16 T/C Bow Kiso 2008 33 641 37 974 37 974 16 T/C Bow Harmony 2008 33 619 38 052 38 052 16 Leased Bow Engineer 2006 30 086 36 274 36 274 28 Owned Bow Architect 2005 30 058 36 290 36 290 28 T/C Southern Owl 2016 26 057 27 656 27 656 26 T/C RT Star 2011 26 199 27 912 27 912 18 T/C Horin Trader 2015 19 856 22 129 22 129 18 T/C Gion Trader 2015 19 833 22 130 22 130 18 T/C Southern Koala 2010 21 290 20 008 20 008 20 T/C Southern Jaguar 2009 19 997 22 157 22 157 20 T/C Southern Ibis 2009 19 905 22 158 22 158 20 T/C Celsius Mayfair 2007 19 999 21 714 21 714 20 T/C Flumar Maceio 2006 19 975 21 713 21 713 22 Owned Celsius Manhattan 2006 19 807 22 143 22 143 22 T/C Bow Fuji 2006 19 805 22 140 22 140 22 T/C Celsius Monaco 2005 19 999 21 851 21 851 22 T/C Celsius Mumbai 2005 19 993 22 186 22 186 22 T/C Celsius Miami 2005 19 991 22 192 22 192 22 T/C Moyra 2005 19 806 22 838 22 838 18 T/C Bow Santos 2004 19 997 21 846 21 846 22 Owned Kristin Knutsen 1998 19 152 19 409 19 409 34 T/C Bow Triumph 2014 49 622 53 188 0 22 Owned Bow Trident 2014 49 622 53 188 0 22 Owned Bow Tribute 2014 49 622 53 188 0 22 Leased Bow Trajectory 2014 49 622 53 188 0 22 Leased Bow Elm 2011 46 098 48 698 0 29 Owned Bow Lind 2011 46 047 48 698 0 29 Owned Flumar Brasil 2010 51 188 55 452 0 14 Owned Bow Pioneer 2013 75 000 86 000 0 30 Owned Bow Oceanic 1997 17 460 19 616 19 616 24 Owned Bow Atlantic 1995 17 460 19 588 19 588 24 Owned Bow Condor 2000 16 121 17 622 17 622 30 Owned Bow Andes 2000 16 020 17 120 17 120 22 Owned Chembulk Sydney 2005 14 271 16 571 16 571 20 T/C Bow Aratu 1997 13 843 15 834 15 834 29 Owned SG Pegasus 2011 13 086 14 523 14 523 16 T/C Marex Noa 2015 12 478 14 067 14 067 16 T/C Bow Querida 1996 10 106 11 181 11 181 18 Owned Bow Asia 2004 9 901 11 088 11 088 20 B/B Bow Singapore 2004 9 888 11 089 11 089 20 B/B Bow Nangang 2013 9 156 10 523 10 523 14 Owned Bow Dalian 2012 9 156 10 523 10 523 14 Owned Bow Fuling 2012 9 156 10 523 10 523 14 Owned Bow Master 1999 6 046 7 018 7 018 14 Owned Total: 71 2 162 967 2 371 978 1 846 763 2 044

GAS CARRIERS BUILT DWT CBM TYPE TANKS OWNERSHIP

Bow Gallant 2 008 10 282 8 922 LPG/Ethylene 2 Pool Bow Guardian 2 008 10 282 8 922 LPG/Ethylene 2 Pool

Total: 2 20 564 17 844 4

TANK TERMINALS LOCATION OWNERSHIP1 CBM STAINLESS STEEL, CBM NUMBER OF TANKS

PROJECTS AND EXPANSIONS LOCATION OWNERSHIP1 CBM STAINLESS STEEL, CBM ESTIMATED COMPLETION

TANK TERMINALS PARTLY OWNED BY RELATED PARTIES2 LOCATION CBM STAINLESS STEEL, CBM NUMBER OF TANKS

Odfjell Terminals (Rotterdam) B.V. Rotterdam, NL 51% 1 636 135 32 550 284 Odfjell Terminals Maritiem B.V. Rotterdam, NL 51% 0 0 0 jetty service Odfjell Terminals (Houston) Inc. Houston, USA 51% 379 982 113 180 119 Odfjell Terminals (Charleston) LLC Charleston, USA 51% 79 243 0 9 Odfjell Terminals (Jiangyin) Co. Ltd Jiangyin, China 28% 99 800 30 000 22 Odfjell Terminals (Dalian) Co. Ltd Dalian, China 25.50% 119 750 18 350 51 Odfjell Terminals (Korea) Co. Ltd Onsan, Korea 25.50% 313 710 15 860 85 Odfjell Nangang Terminals (Tianjin) Co.,Ltd Tianjin, China 24.99% 137 800 7 000 28 Oiltanking Odfjell Terminal (Singapore) Ltd Singapore 25.50% 402 000 6 094 82 Oiltanking Odfjell Terminal & Co. LLC* Sohar, Oman 15.17% 1 294 780 0 66 Noord Natie Terminals NV Antwerp, Belgium 12.75% 348 499 37 980 240 Exir Chemical Terminals PJSCO BIK, Iran 35% 22 000 1 000 18

Total terminals 11 terminals 4 833 699 262 014 1 004

Odfjell Terminals Fujian (Quanzhou) Co. Ltd Quanzhou, China 25.50 % 184 000 0 TBD Odfjell Changxing Terminals (Dalian) Co.Ltd Changxing, China 20.40 % TBD

Total expansion terminals 184 000 0

Depositos Quimicos Mineros S.A. Callao, Peru 52 980 1 600 43 Depositos Quimicos Mineros S.A. Callao II, Peru 13 250 0 12 Granel Quimica Ltda Santos I, Brazil 97 720 19 880 99 Granel Quimica Ltda Rio Grande, Brazil 61 150 2 900 32 Granel Quimica Ltda Sao Luis I, Brazil 75 700 0 35 Granel Quimica Ltda Sao Luis II, Brazil 50 000 0 14 Granel Quimica Ltda Ladario, Brazil 8 050 0 6 Granel Quimica Ltda Triunfo, Brazil 12 030 0 2 Granel Quimica Ltda Teresina, Brazil 7 640 0 6 Granel Quimica Ltda Palmas, Brazil 16 710 0 12 Odfjell Terminals Tagsa S.A. Buenos Aires, Argentina 38 700 530 60 Odfjell Terminals Tagsa S.A. Campana, Argentina 68 700 10 190 102 Terquim S.A. San Antonio, Chile 33 590 0 25 Terquim S.A. Mejillones, Chile 16 840 0 7

Total tank terminals partly owned by related parties 14 terminals 553 060 35 100 455

PROJECTS AND EXPANSIONS TANK TERMINALS PARTLY OWNED BY RELATED PARTIES2 LOCATION CBM ESTIMATED COMPLETION

Granel Quimica Ltda Santos II, Brazil 52 000 0 Q4 2017

Total expansion tank terminals partly owned by related parties 52 000 0

Grand total (incl. related tank terminals partly owned by related parties) 25 existing terminals 5 386 759 297 114

ON ORDER Chemical Tankers NUMBER DWT CBM STEEL, CBM TANKS DELIVERY

Hudong 4 49 000 54 600 54 600 33 2019 - 2020 Shipyard

Total: 4 196 000 218 400 218 400 132

LPG/Ethylene NUMBER CBM OWNER COMMENT

Sinopacific Offshore 1 17 000 Odfjell Gas 50/50 JV & Engineering 4 22 000 Odfjell Gas "

Total: 5 105 000

1 Odfjell SE's indirect ownership share2 Tank terminals and projects partly owned by Odfjell family *Odfjell Terminals B.V has entered into an agreement to sell its 29.75% indirect ownership share in Oiltanking Odfjell Terminals & Co. LLC in Oman. Closing of the transaction is expected to be in 4Q16/1Q17.

NEWBUILDINGS

Granel Quimica LtdaAv. Paulista 460, 18° andarCEP 01310-000 São Paulo, SPBRAZILTel: +55 11 3549 5800Fax: +55 11 3549 5832

Tagsa S.AAv. Alicia Moreau de Justo 1960,piso 4 Of. 4021107 Buenos Aires, ARGENTINATel: +54 11 4001 9700Fax: +54 11 4001 9701

Terquim S.AMolo Sur S/NP.O. Box 148, San AntonioCHILETel: +56 35 21 1050Fax: +56 35 21 1161

DQM S.AAv. Enrique Meiggs, 240Urb.Chacaritas, Callao, PERU Tel: +51 1 614 0800Fax: +51 1 614 0801

Odfjell Singapore Pte Ltd6 Shenton Way, # 27-08/09 OUE Downtown 2SINGAPORE 068809Tel: +65 6349 1300Fax: +65 6224 2285

Flumar Transportes de Quimicos e Gases LtdaAv. Paulista 460 - 18 andarCEP 01310-000 Sao Paulo SP, BRAZILTel: +55 11 3549 5800Fax: +55 11 3549 5807

Odfjell Terminals (Houston) Inc.12211 Port RoadSeabrook, TX 77586, USATel: +1 713 844 2300Fax: +1 713 844 2355

Odfjell Terminals (Charleston) LLC1003 East Montague AvenueNorth Charleston S.C 29405, USATel: +1 843 714 6300Fax: +1 843 714 6350

Odfjell Terminals (Rotterdam) BVOude Maasweg 6, P.O. Box 5010Harbour Number 4040, 3197 KJ Rotterdam-BotlekThe NETHERLANDSTel: +31 102 953 400Fax: +31 104 384 679

Odfjell Terminals Maritiem BVOude Maasweg 5, Harbour Number 4020, 3197 KJ Botlek-RotterdamThe NETHERLANDSTel: +31 10 2951 300

Noord Natie Odfjell Terminals NVHaven 227-241, Blauwe Weg 442030 Antwerp - BelgiumTel: +32 (0)3 543 99 00Fax: +32 (0)3 543 99 38

Oiltanking Odfjell Terminals & Co. LLC.P.O. Box 369, Fajal Al QabailPC 322 SULTANATE OF OMANTel: +968 2670 0300Fax: +968 2670 0306

Oiltanking Odfjell Terminal Singapore Pte Ltd1 Seraya AvenueSINGAPORE 628208Tel: +65 6473 1700Fax: +65 6479 4500

Odfjell Terminals (Korea) Co, Ltd136, Cheoyong-Ri Onsan-Eup, Ulju-Gun, Ulsan 689-892, SOUTH KOREATel: +82 522 311 600Fax: +82 522 376 636

Odfjell Terminals (Dalian) LtdNew Port, Economy & TechnologyDevelopment Zone 116601, Dalian P.R. CHINATel: +86 411 8759 5500Fax: +86 411 8759 5549

Odfjell Terminals (Jiangyin) Co., Ltd1314 West Binjiang RoadShizhuang,New Harbour City, JiangyinJiangsu 214446 P.R. CHINATel: +86 510 8666 9111Fax: +86 510 8666 9110

Odfjell Nangang Terminals (Tianjin) Co., Ltd Room D310, Section D Office Building, Servicing Area, TEDA (Nan-Gang Industrial Zone) 300280 Tianjin, P.R. CHINA

Odfjell Terminals Quanzhou (Fujian) Co.,Ltd3rd Floor, Xingtong Shipping Tower, 6th Port St East, Quangang District, Quanzhou, 362800 Fujian Province, P.R. ChinaTel: +86 595 2772 8628Fax: +86 595 2772 8680

INTERNATIONAL OFFICES

Odfjell USA (Houston) Inc.13100 Space Center Blvd.Suite 600Houston, TX 77059USATel: +1 713 844 2200Fax: +1 713 844 2211

Odfjell Singapore Pte Ltd6 Shenton Way, # 27-08/09 OUE Downtown 2SINGAPORE 068809Tel: +65 6349 1300Fax: +65 6224 2285

Odfjell Japan LtdOgawa Bldg. 8F2-2 Uchikanda 1-ChomeChiyoda-ku, Tokyo 101-0047, JAPANTel: +81 3 3259 8555Fax: +81 3 3259 8558

Odfjell Brasil LtdaAv. Paulista 460 - 18 andarCEP 01310-000 Sao Paulo SP, BRAZILTel: +55 11 3549 5800Fax: +55 11 3549 5808

Odfjell ShanghaiSuite B, 13FHuamin Empire Plaza728 Yan An West RoadChangning DistrictShanghai 200050, P.R. CHINATel: +86 21 5239 9469Fax: +86 21 5239 9897

Odfjell Argentina SAAlicia Moreau de Justo 1960Office no. 202 - Puerto Madero1107 Buenos Aires, ARGENTINATel: +54 114 313 7837Fax: +54 114 313 4619

Odfjell Australia Pty LimitedSuite 4, Level 1443 Little Collins StreetP.O.Box 1279Melbourne VIC 3001 AUSTRALIATel: +61 3 9642 2210Fax: +61 3 9642 2214

Odfjell India408 A, Everest GrandeMahakali Caves Road, Andheri (East)Mumbai 400093, INDIATel: +91 22 6695 4701Fax: +91 22 6695 4707

Odfjell Durban (Pty) Ltd Suite 301, 2 Richefond Circle, Ridgeside Office Park Umhlanga 4065P.O.Box 4045Durban 4021, SOUTH AFRICATel: +27 31 942 0353 Fax: +27 31 566 5296

Odfjell Tankers AS, Korea BranchRoom 1815, Gwanghwamun Officia Bldg.163 1-Ga Shinmunno, Jongno-GuSeoul, 110-999 SOUTH KOREA Tel: +82 2 775 9760Fax: +82 2 775 9761

Odfjell Korea Ltd.283, Jangsaengpogorea-roNam-guUlsan 680-050, SOUTH KOREATel: +82 52 227 5527Fax: +82 52 227 5567

Odfjell Philippines Inc.4th Flr Atlantis Beacon Tower2315 Leon Guinto St. Malate, Manila 1004PHILIPPINESTel: +6325280341Fax: +6325262256

Odfjell (UK) LtdDorset HouseRegent ParkKingston RoadLeatherhead KT22 7PLUNITED KINGDOMTel: +44 2078 230605Fax: +44 2078 230606

Odfjell Middle East DMCC Unit no. 2402, Platinum TowerJumeirah Lakes TowersP.O.Box 75450Dubai, UNITED ARAB EMIRATESTel: +971 4 426 9700Fax: +971 4 426 9701

Odfjell SE - Odfjell Tankers AS Conrad Mohrs veg 29P.O. Box 6101 Postterminalen5892 Bergen, NORWAYTel: +47 5527 0000Fax: +47 5528 4741 Fax: +47 5527 9070 (Chartering/Operations)

Odfjell Terminals Oude Maasweg 6, P.O. Box 5010 3197 XC Botlek-Rotterdam The NetherlandsTel: +31 10 295 4700

Odfjell Gas ASPhilip Heymans Alle 32900 HellerupDenmarkTel: +45 45 95 00 04

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Documents

DECEMBER 2016 · Stay safe Dear Colleagues, Kristian Mørch, CEO 10 16 22 26 Odfjell Quarterly ... Length over all 182.88 m Length between perpendiculars 179.50 m Breadth, moulded