Strong Q4 result for Odfjell

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Odfjell SE reported its results for the fourth quarter/preliminary full-year 2022.

The report shows a chemical tanker market that remained at strong levels in the quarter, concluding a financially strong year for Odfjell.

Highlights – 4Q22:

  • Time charter earnings in Odfjell Tankers increased to USD 187 million, up from USD 171 million in 3Q22
  • EBIT of USD 73 million compared to USD 71 million in 3Q22
  • Net result of USD 50 million, same as previous quarter. Net result adjusted for one-off items was USD 50 million compared to USD 46 million in 3Q22
  • COA rate renewals were up 26% on average
  • Net result contribution from Odfjell Terminals of USD 0.2 million compared to USD 8 million in 3Q22, which included insurance proceeds
  • Odfjell refinanced five vessels at attractive terms in 4Q22, reducing break-even for the respective vessels by approximately USD 3,100 per day
  • The Board approved dividend of USD 0,61 per share based on adjusted 2H22 results

Highlights – FY2022

  • Net result of USD 142 million, mainly driven by firming markets
  • Safety, environmental and operational performance well within targets
  • Several years of continuous focus on improved cost, efficiency, and quality has positioned Odfjell to fully utilize the improving markets
  • Total dividend FY2022 of USD 66 million

“The fourth quarter rounded off a strong 2022 for Odfjell. We are pleased to report a healthy cash flow, a strengthened balance sheet and another round of dividends to our shareholders. A somewhat slow start in the spot market, countered by improved terms in our COA portfolio, should translate into TCE results in 1Q23 in line with or slightly below 4Q22,” said CEO Harald Fotland.

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