Odfjell SE 3Q22: Another quarter of strong results

Odfjell SE today reported its results for the third quarter of 2022. The report shows a chemical tanker market that continued to improve in the third quarter despite what normally is a seasonally slower market.

Highlights:

• Time charter earnings in Odfjell Tankers increased to USD 171 million, up from USD 160 million 2Q22
• Net result contribution from Odfjell Terminals of USD 8 million compared to USD 2 million 2Q22. Excluding insurance proceeds and variations in FX- rates, results in 3Q22 were stable from last quarter
• EBIT reached USD 71 million compared to USD 53 million 2Q22
• Net result of USD 50 million compared to USD 30 million 2Q22. Net result adjusted for one-off items was USD 46 million compared to USD 30 million in 2Q22
• COA rate renewals were up 9% on average, but with a limited number of contract renewals concluded during the quarter
• The first of eight 25,000 dwt stainless steel newbuildings was delivered on long-term time charter in September, the second newbuilding will be delivered in November

"We are pleased to report another strong quarter for Odfjell. The results are driven by a robust chemical tanker market. We continue to perform well both operationally and commercially, capturing the ongoing momentum in our markets. The improved cash flow generation enables us to strengthen our balance sheet and also secures attractive returns to our shareholders. We expect continued strong spot rates across most trade lanes, and foresee slightly improved TCE results in 4Q22", said CEO Harald Fotland. 

Please see attached for the 3Q22 report and presentation. Tomorrow, Thursday November 3 at 10:00 CET, Odfjell SE will present the results in a live webcast followed by a Q&A session. Watch the presentation at Odfjell.com 

The presentation will be held in English.

Contact: 

Terje Iversen

CFO

Tel: +47 932 40 359

E-mail: terje.iversen@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 1038 million in 2021. Read more on Odfjell.com. 

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