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Odfjell Tankers reports strongest results in 15 years

Odfjell SE reported its results for the second quarter of 2022.

The report shows a chemical tanker market that continued to strengthen into the second quarter, and Odfjell Tankers reports its strongest results in 15 years.

Highlights 2Q22:

  • Timecharter earnings in Odfjell Tankers of USD 160 million, an increase of USD 24 million from USD 136 million in 1Q22
  • Net result contribution from Odfjell Terminals of USD 2 million compared to USD 3 million in 1Q22
  • EBIT of USD 53 million compared to USD 27 million in 1Q22
  • Net result of USD 30 million compared to USD 11 million in 1Q22
  • COA rate renewals were up 14% on average during the quarter
  • One vessel sold for recycling, resulting in a USD 4 million equity gain and a positive cash effect of USD 8 million
  • Sale of shareholding in Odfjell Terminals (Tianjin) Co Ltd with no P&L or balance sheet impact for Odfjell SE
  • Pool operations will be reduced during 2H22, but with limited impact on Odfjell’s earnings potential
  • A dividend of USD 0.23 per share is approved by the Board based on adjusted 1H22 results

“The chemical tanker market strengthened considerably into the second quarter and Odfjell capitalized on this strength. We are pleased to announce the first semi-annual dividend based on our new dividend policy. At the same time, we accelerated our deleveraging with additional debt repayments. Despite typically seasonally softer summer market, we expect to report continued strong results with timecharter earnings in 3Q to be in line with 2Q”, said CEO Harald Fotland.

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