Tuesday, September 26, 2023
HomeFinance & EconomyOdfjell returns to the black in fourth quarter

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Odfjell returns to the black in fourth quarter

Odfjell has reported its first profitable quarter for 2021 in a “challenging and unpredictable” year.

Highlights for 4Q21:

Timecharter earnings in Odfjell Tankers of USD 136 million, up USD 11 million compared to USD 125 million in 3Q21
Net result contribution from Odfjell Terminals of USD 3 million, compared to USD 1 million in 3Q21
EBIT of USD 35 million, up USD 42 million compared to USD -7 million in 3Q21
Net result of USD 15 million, up USD 40 million compared to USD -25 million in 3Q21
Adjusted for one-offs, the 4Q21 net result of USD 10 million is up USD 14 million compared to adjusted net result of USD -4 million in the previous quarter
During the COA renewal season, Odfjell renewed a large part of its portfolio, with average rate increases of 2%. Average increases throughout 2021 were 2%
FID concluded on Bay-13 at Odfjell Terminals Houston, which will increase its capacity by 32,000 cbm to a total of 411,758 cbm

Highlights – FY 2021:

A disappointing net result of USD -33 million, mainly due to weak chemical tanker markets in the West impacting results from Odfjell Tankers, yet another year of improved results from operations in Odfjell Terminals
Conclusion of the exit from the short-sea trade in Asia, as well as the planned exit from Gas (via the sale of two Ethylene LPG carriers)
The company continued to operate well with strong safety performance despite another year of Covid-19 related challenges

CEO Kristian Mørch stated:

“2021 was another challenging and unpredictable year for Odfjell, where we were impacted by the Covid-19 pandemic and a weak CPP market. We continue to operate well despite the challenging environment, and we are also ahead of our ambitious plan to reduce emissions. While we are not satisfied reporting negative results, we are encouraged by the quick recovery seen in our markets during the fourth quarter, which is an indicator of the strong underlying fundamentals in our markets. In line with seasonality, the chemical tanker market has seen slightly reduced activity at the start of 2022, and we therefore expect to report slightly lower results in 1Q22”

Related Posts

Video

Finance & Economy
Shipping News
Ports

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

Korea’s STX denies rumor that it is backed by Chinese fund

South Korean general trading company STX Corp. has said its largest shareholder is a local investment firm, while refuting the false reports appearing through...

Baltic index rises to over 4-month high on stronger capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Houston-Japan VLGC freight rates reach multi-year high

VLGC freight rates from Houston to Chiba, Japan, reached $245/mt Sept. 21 for the...

Baltic index snaps 11-session rally as rates for larger vessels ease

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index rises for 11th straight session on strong vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

The elite of the Shipping Industry meets at the “Maritime Cyprus 2023” Conference

The main theme of this year’s Conference is “Shipping in Action: An agenda for...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...

Thessaloniki, Gdańsk ports to explore synergies

Thessaloniki Port Authority S.A is expanding its role as a port of international importance through a new cooperation with the Port of Gdańsk Authority...

Hapag-Lloyd CEO: Counteroffer for HHLA would not be in our interest

Hapag-Lloyd CEO Rolf Habben Jansen said on Thursday that it would not be in the container shipper’s interest to make an offer for HHLA...