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Odfjell posts 47 mln net result in 1Q2023

Odfjell SE reported its results for the first quarter of 2023.

The report shows another strong financial quarter for Odfjell on the back of a continued strong market.

Highlights – 1Q23:

  • Time charter earnings in Odfjell Tankers ended at USD 181 million, compared to USD 187 million in 4Q22
  • EBIT of USD 68 million compared to USD 73 million in 4Q22
  • Net result of USD 47 million, slightly lower than 4Q22. Net result adjusted for one-off items was USD 46 million compared to USD 50 million in 4Q22
  • COA rate renewals were up 32% on average, covering 35% of estimated annual contract volume
  • Net result contribution from Odfjell Terminals increased to USD 2 million compared to USD 0.2 million in 4Q22, primarily due to firmer activity level, higher tank lease rates and increased commercial occupancy rates
  • During the quarter, Odfjell has taken delivery of one newbuilding on time charter, declared purchase options on two chartered-in vessels, and also signed two additional Japanese long term time charters
  • The Board proposed to the Annual General Meeting (AGM) that 5 226 620 A-shares and 1 822 482 B-shares in the Company held in treasury by the Company should be deleted in the form of a share capital reduction

“The strong markets continued, and in the quarter we have renewed a significant share of our contract portfolio at terms reflecting current market conditions. We expect demand to remain stable in 2Q23. The spot market will likely remain volatile but at a healthy level, and together with improved COA rates, this should translate into TCE results in 2Q23 in line with or slightly above 1Q23,” said CEO Harald Fotland.

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