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Odfjell SE 1Q23: The firm chemical tanker market seen in 2022 continued into 1Q23

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Odfjell SE today reported its results for the first quarter of 2023. The report shows another strong financial quarter for Odfjell on the back of a continued strong market.

Highlights - 1Q23:

  • Time charter earnings in Odfjell Tankers ended at USD 181 million, compared to USD 187 million in 4Q22
  • EBIT of USD 68 million compared to USD 73 million in 4Q22
  • Net result of USD 47 million, slightly lower than 4Q22. Net result adjusted for one-off items was USD 46 million compared to USD 50 million in 4Q22
  • COA rate renewals were up 32% on average, covering 35% of estimated annual contract volume
  • Net result contribution from Odfjell Terminals increased to USD 2 million compared to USD 0.2 million in 4Q22, primarily due to firmer activity level, higher tank lease rates and increased commercial occupancy rates
  • During the quarter, Odfjell has taken delivery of one newbuilding on time charter, declared purchase options on two chartered-in vessels, and also signed two additional Japanese long term time charters                                                                     
  • The Board proposed to the Annual General Meeting (AGM) that 5 226 620 A-shares and 1 822 482 B-shares in the Company held in treasury by the Company should be deleted in the form of a share capital reduction

"The strong markets continued, and in the quarter we have renewed a significant share of our contract portfolio at terms reflecting current market conditions. We expect demand to remain stable in 2Q23. The spot market will likely remain volatile but at a healthy level, and together with improved COA rates, this should translate into TCE results in 2Q23 in line with or slightly above 1Q23," said CEO Harald Fotland.

Please see attached for the 1Q23 report and presentation. Tomorrow, Thursday May 4 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.


IR Contact:
Nils Jørgen Selvik, VP Corporate Analysis & IR
Tel: +47 920 39 718
E-mail: nils.jorgen.selvik@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. 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. 

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

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