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Odfjell SE: Slightly improved results as the chemical tanker market remained challenging

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Odfjell SE today reported its results for the second quarter of 2021. The report shows slightly improved results driven by operational improvements as the chemical tanker market remained challenging.

Highlights for 2Q21

  • Timecharter earnings in Odfjell Tankers of USD 123 million compared to USD 120 million in 1Q21
  • Net result contribution from Odfjell Terminals of USD 1 million, in line with previous quarter
  • EBIT of USD 11 million compared to USD 8 million in 1Q21
  • Net result of USD -8 million compared to USD -16 million in 1Q21
  • A minor part of the COA portfolio was renewed since last reporting with rate renewals up 5%

Subsequent events

  • Entered into a sales agreement for the company's two Ethylene/LPG carriers to BW EPIC Kosan Ltd with proceeds received partly in cash and partly in freely transferable shares

"We continue to operate well, but the near term market remains unpredictable due to Covid-19 and the weak CPP markets. We maintain our fundamentally positive view on the chemical tanker markets and the markets in the key hubs for our terminals, but the third quarter is usually a seasonally slow quarter, which together with a continued challenging CPP market may result in a slightly weaker 3Q21 compared to 2Q21", CEO Kristian Mørch said.

Please see attached for the 2Q21 report and presentation. Odfjell SE will present the results in a live webcast at 10:00 CET today, followed by a Q&A session. Follow the webcast at https://www.odfjell.com/investor/webcast/.

Questions can be posted in the webcast player during the live presentation.

IR Contact:
Bjørn Kristian Røed, VP 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. 

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