Odfjell SE reported its results for the first quarter of 2026. The quarter saw further escalation of geopolitical volatility and uncertainty across global markets. Still, Odfjell delivered a resilient financial result, maintained a strong safety performance, and continued to renew and expand the fleet.
Highlights – 1Q26
- Odfjell’s strong safety performance continued amid a more challenging environment.
- Four vessels are currently inside the Strait of Hormuz, one owned and three time chartered. All crew members are safe, and the shore team remains in close contact with each vessel to ensure their continued security.
- Time charter earnings ended at USD 167 million, compared to USD 168 million in 4Q25.
- TCE per day was USD 27,232 versus USD 27,978 in 4Q25. Weaker earnings also reflect initial negative effects from the conflict in the Middle East Gulf, including increased ballasting, rerouting, and higher provisioning and insurance costs.
- EBIT of USD 46 million, compared to USD 53 million in 4Q25.
- Net result contribution from Odfjell Terminals of USD 2.3 million, versus USD 1.8 million in 4Q25.
- Net result of USD 32 million, compared to USD 38 million in the previous quarter. Net result adjusted for one-off items – mainly a USD 4.8 million capital gain from asset sales – amounted to USD 26 million, compared to USD 38 million in 4Q25.
- After quarter-end, Odfjell signed agreements to purchase four 40,000 dwt vessels to be constructed at the Kitanihon shipyard in Japan. Total investment amounts to around USD 290 million. Three newbuildings were delivered on time charter in 1Q26.
- The carbon intensity (AER) of Odfjell’s controlled fleet increased to 7.0 in 1Q26, from 6.8 in the previous quarter, due to seasonal effects, increased docking activity, and inefficiencies related to the conflict in the Middle East Gulf.
“The first quarter of 2026 saw further escalation of geopolitical uncertainty and volatility.
I am proud of our people on board and ashore, who expertly handled both safety, operational, and commercial challenges after the outbreak of the conflict. The situation remains unpredictable, and we continue to monitor developments closely while prioritizing the safety of our crew and vessels.
The increased tonne-miles caused by the disruption of the Strait of Hormuz has led to a surge in rates in most markets.
We expect the underlying net result in 2Q26 to be higher than in 1Q26,” said CEO Harald Fotland.