• news.cision.com/
  • Odfjell SE/
  • Odfjell SE 4Q22: Firm chemical tanker market in the fourth quarter concludes a financially strong year for Odfjell
English

Odfjell SE 4Q22: Firm chemical tanker market in the fourth quarter concludes a financially strong year for Odfjell

Report this content

Odfjell SE today reported its results for the fourth quarter/preliminary full-year 2022. The report shows a chemical tanker market that remained at strong levels in the quarter, concluding a financially strong year for Odfjell.

Highlights – 4Q22:

  • Time charter earnings in Odfjell Tankers increased to USD 187 million, up from USD 171 million in 3Q22
  • EBIT of USD 73 million compared to USD 71 million in 3Q22
  • Net result of USD 50 million, same as previous quarter. Net result adjusted for one-off items was USD 50 million compared to USD 46 million in 3Q22
  • COA rate renewals were up 26% on average
  • Net result contribution from Odfjell Terminals of USD 0.2 million compared to USD 8 million in 3Q22, which included insurance proceeds
  • Odfjell refinanced five vessels at attractive terms in 4Q22, reducing break-even for the respective vessels by approximately USD 3,100 per day
  • The Board approved dividend of USD 0,61 per share based on adjusted 2H22 results

Highlights – FY2022

  • Net result of USD 142 million, mainly driven by firming markets
  • Safety, environmental and operational performance well within targets
  • Several years of continuous focus on improved cost, efficiency, and quality has positioned Odfjell to fully utilize the improving markets
  • Total dividend FY2022 of USD 66 million

“The fourth quarter rounded off a strong 2022 for Odfjell. We are pleased to report a healthy cash flow, a strengthened balance sheet and another round of dividends to our shareholders. A somewhat slow start in the spot market, countered by improved terms in our COA portfolio, should translate into TCE results in 1Q23 in line with or slightly below 4Q22,” said CEO Harald Fotland.

Please see attached for the 4Q22 report and presentation. Tomorrow, Thursday February 9 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.


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. 

Subscribe

Documents & Links