Odfjell SE 3Q23: Another strong quarter

Odfjell SE today reported its results for the third quarter of 2023. The report shows another strong financial quarter for Odfjell with more revenue days for the fleet and increased contract volumes.

Highlights - 3Q23:

• Time charter earnings in Odfjell Tankers ended at USD 184 million, compared to USD 185 million in 2Q23.
• EBIT of USD 76 million compared to USD 79 million in 2Q23.
• Solid net result of USD 52 million. Net result adjusted for one-off items was USD 49 million compared to USD 53 millioin in 2Q23.
• Rates on renewed COAs during the quarter were up 18% on average, covering 7% of estimated annual contract volume.
• Net result contribution from Odfjell Terminals stable at USD 2.1 million compared to USD 2.3 million in 2Q23.
• The fleet´s carbon intensity (AER) for 3Q23 came in at 7.2. Seasonal changes due to weather and trading patterns will affect fleet emissions, and 3Q23 was as expected slightly higher than the record low 7.0 recorded in 2Q23.
• On September 19, Odfjell fully redeemed a USD 113 million bond.

“Odfjell delivered yet another strong quarter in line with what we achieved in 2Q23. This came at the back of the traditionally slower summer months.
Fourth quarter is historically a seasonally strong quarter, and we expect activity levels and freight rates to remain at healthy levels for the rest of the year. As we have more vessels than usual planned for dry docking in 4Q23, we will have slightly fewer commercial days. In sum, we expect our earnings to remain stable in 4Q23."  said CEO Harald Fotland.

Please see attached for the 3Q23 report and presentation. Tomorrow, Thursday November 2 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.