Wednesday, February 1, 2023
spot_img
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

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Bahri sees profits soar in 2022

Saudi Arabia’s Bahri has seen its profits soar by over 400% in 2022 following a boom in tanker rates, boosting the shipping giant’s oil...

Euronav Files Second Arbitration Against Frontline

Euronav NV hereby informs its shareholders that on 28 January 2023 it has filed an application request for arbitration on the merits in relation...

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Baltic index hits fresh multi-year lows on capesize dip

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

Baltic index falls for seventh session on lower capesize demand

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

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...