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Odfjell SE 1Q24: A record quarter

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Odfjell SE today reported its results for the first quarter of 2024, showing a record quarter driven by strong markets. The rerouting of vessels away from the Red Sea has elevated freight rates further.

Highlights – 1Q24:

  • Record net result of USD 68 million. Net result adjusted for one-off items was USD 69 million compared to USD 50 million in 4Q23.
  • Time charter earnings in Odfjell Tankers ended at USD 195 million, compared to USD 182 million in 4Q23.
  • EBIT of USD 89 million compared to USD 71 million in 4Q23.
  • Rates on renewed COAs in the quarter were up 14% on average, covering 22% of estimated annual contract volume.
  • Net result contribution from Odfjell Terminals increased to USD 3.2 million, compared to USD 2.4 million in 4Q23.
  • Fleet carbon intensity (AER) for 1Q24 of 7.14, slightly better than 4Q23.
  • During the quarter, Odfjell took delivery of one newbuild on long-term time charter and signed an agreement for one owned newbuilding. A further four newbuildings on long-term time charter were concluded in April. These vessels are all scheduled to be delivered in 2026 and 2027, bringing Odfjell’s total number of newbuildings on order to 16 vessels. By that, ~20% of the orderbook in the chemical tanker segment is on Odfjell's account.

“Odfjell delivered a record result in the first quarter of 2024. This reflects the tightened market situation due to the increased ton-mile demand. We also continued to increase the rates in our COA portfolio. This, in combination with a very professional and dedicated organization, gives a solid basis for future earnings. We expect our earnings to further increase in 2Q24," said Harald Fotland, CEO of Odfjell SE.

Please see attached for the 1Q24 report and presentation. Tomorrow, Wednesday, May 8, 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 1194 million in 2023. 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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