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Odfjell to reduce debt by hundreds of millions

Norway's Odfjell aims to reduce its debt significantly. Today, the company's debt totals USD 1.2 billion, and this figure must be lowered by hundreds of millions, announced the CFO during Odfjell's capital markets day, according to Finansavisen.

Photo: PR/Odfjell

Chemical tanker shipping company Odfjell SE needs to cut a large chunk off its debt, which currently sits at USD 1.2 billion. The ambition is to bring debt down to somewhere between USD 750 and 900 million, reveals a presentation from the company's capital markets day yesterday.

In addition to reducing debt, equity needs to increase from 27 percent to between 30 and 40 percent. More importantly, equity must not drop below 28 percent, explained CFO Terje Iversen, according to Norwegian media Finansavisen. The company aims to reach its target by paying off debt and refinancing loans to minimize capital costs.

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