Odfjell SE 2Q23: A robust and profitable contract portfolio contributed to another strong quarterly result
Odfjell SE today reported its results for the second quarter of 2023. The report shows another strong financial quarter for Odfjell on the back of more revenue days for the fleet and higher contract volumes.
- Time charter earnings in Odfjell Tankers ended at USD 185 million, compared to USD 181 million in 1Q23
- EBIT of USD 79 million compared to USD 68 million in 1Q23
- A record strong net result of USD 53 mill. Net result adjusted for one-off items was USD 53 mill compared to USD 46 mill in 1Q23
- Rates on renewed COAs during the quarter were up 8% on average, covering 9% of estimated annual contract volume.
- Net result contribution from Odfjell Terminals increased to USD 2.3 mill compared to USD 2.0 mill in 1Q23.
- During the quarter, Odfjell has taken delivery of one newbuilding on long term time charter and declared purchase options on two vessels currently on financial lease. One vessel was sold towards the end of 2Q23.
- Odfjell continues to reduce its environmental footprint, with record low carbon intensity (AER) of 7.01 for the controlled fleet in 2Q2
- Dividend of USD 0.62 per share approved by the Board based on adjusted 1H23 results.
"Odfjell delivered another record strong quarter on the back of a profitable contract portfolio and solid operational performance. We expect demand to reduce somewhat in 3Q23 in line with seasonal effects. Further renewals of our COAs should offset some of this effect and we expect only a marginal decrease in our TCE in 3Q23" said CEO Harald Fotland.
Please see attached for the 2Q23 report and presentation. Tomorrow, Thursday August 17 at 09:00 CET, Odfjell SE will present the results in a live webcast followed by a Q&A session. Watch the presentation at https://www.odfjell.com/investor/webcast
The presentation will be held in English.