Odfjell SE: Sale of last short-sea vessels

Odfjell SE has entered into a sales agreement for the last three 9,000 dwt short-sea vessels that have operated in the company’s regional trade in Asia. The sale marks an exit from Odfjell’s short-sea regional trade in Asia as the remaining vessel on a timecharter to Odfjell will also be re-delivered to its owners in January 2022. These vessels have not been able to deliver satisfactory results and we have consequently taken the decision to exit this niche market. Odfjell has, through this transaction, completed the transition to a sole focus on deep sea logistics within our shipping segment.

The transaction will result in a USD 21 million one time impairment in Odfjell’s 3Q21 results as the vessels are re-classified as assets held for sale.

The transaction will contribute positively to Odfjell’s results going forward. Closing and delivery is scheduled to January/February 2022 and net cash proceeds after repayment of loans and commission is approximately USD 1 million. 

IR Contact:
Bjørn Kristian Røed, VP/Head of Corporate Analysis & IR
Tel: +47 40 91 98 68
E-mail: bkr@odfjell.com

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. 90 ships, which trade both globally and regionally. The tank terminal division consists of five tank terminals and is part of a network of another 11 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 14 locations around the world. Odfjell employs around 2300 staff and posted annual gross revenue of USD 939 million in 2020. Read more on Odfjell.com. 

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.