Odfjell significantly improved both its operating result and bottom line in the second quarter of 2024.
Highlights – 2Q24:
- Odfjell´s strong performance on safety continues with high operational efficiency and no significant incidents during the quarter.
- The time charter earnings in Odfjell Tankers ended at USD 215 million, compared to USD 195 million in 1Q24.
- EBIT of USD 107 million compared to USD 89 million in 1Q24.
- Record quarterly net result of USD 88 million. Net result adjusted for one-off items was USD 88 million compared to USD 69 million in 1Q24.
- Rates on renewed COAs in the quarter were up 5% on average, covering around 6% of estimated annual contract volume.
- Net result contribution from Odfjell Terminals was USD 2.9 million versus USD 3.2 million in 1Q24.
- Carbon intensity (AER) for 2Q24 came in at 7.1, marginally better than 1Q24.
- Odfjell took delivery of one newbuilding on long-term time charter and concluded contracts for a further two newbuildings on long-term time charter with scheduled delivery in 2027 and 2028. This increases the total number of newbuildings on order for Odfjell to 17 vessels.
- Dividend of USD 1.00 per share approved by the Board based on adjusted 1H24 results.