Odfjell posts 47 mln net result in 1Q2023

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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

β€œThe 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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