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Odfjell SE 3Q24: Odfjell delivered another solid financial result

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Odfjell SE today reported its results for the third quarter of 2024. 

Highlights:

  • Odfjell’s strong performance on safety continues with high operational efficiency and no significant incidents during the quarter.
  • Odfjell delivered another solid financial result in 3Q24, somewhat below record levels from previous quarter.
  • Freight rates remain healthy despite spot rates coming down during the quarter. Our volumes remain stable.
  • The time charter earnings in Odfjell Tankers ended at USD 202 million, compared to a record USD 215 million in 2Q24.
  • EBIT of USD 91 million compared to USD 107 million in 2Q24.
  • Strong quarterly net result of USD 71 million. Net result adjusted for one-off items remained at USD 71 million compared to USD 88 million in 2Q24.
  • A limited number of contracts were renewed during the quarter, with rates up 7% on average.
  • Net result contribution from Odfjell Terminals was USD 2.9 mill, in line with 2Q24.
  • The carbon intensity (AER) for 3Q24 came in at 7.2, marginally up from 2Q24 due to seasonal effects.
  • During the quarter, Odfjell took delivery of one newbuilding on long-term time charter. After quarter end, Odfjell declared a purchase option for one 41,000 dwt stainless steel vessel currently on bareboat, to be delivered early 2026.

"Odfjell continues to perform well, with another solid result in 3Q24. Although the spot market has softened since the record levels seen last quarter, it remains at healthy levels. We expect another strong quarter in 4Q24, but below 3Q24 due to weaker spot markets," said CEO Harald Fotland.

Please see attached for the 3Q24 report and presentation. Tomorrow, Wednesday, November 6, 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 Finance & 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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