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.
Highlights - 2Q23:
· 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
"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
The presentation will be held in English.
Nils Jørgen Selvik, VP Corporate Analysis & IR
Tel: +47 920 39 718
E-mail: [email protected]
The Odfjell Group is one of the leading players in the global market for
seaborne transportation and storage of chemicals and other specialty bulk
liquids. The Odfjell fleet comprises of approx. 70 ships, which trade both
globally and regionally. The tank terminal division consists of four tank
terminals and is part of a network of another 10 tank terminals partly owned by
related parties. The tank terminals are strategically located at selected
international shipping hubs. The Odfjell Group's headquarters are in Bergen,
Norway, and the Group has offices in 13 locations around the world. Odfjell
employs around 2300 staff and posted annual gross revenue of USD 1310 million in
2022. Read more on Odfjell.com (https://www.odfjell.com/).
This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.