Dear colleagues,
Odfjell SE has reported its results for the third quarter of 2020. The report shows another quarter with positive results despite a seasonally slower market, a high number of drydockings and an unclear macro environment.
To see a recording of the external 3Q presentation and the internal town hall, check out the video links below. We appreciate this opportunity to share company updates with you all. In the town hall this time, we covered the 3Q results and took a dive into our sustainability strategy and the planned path towards zero-emission. Thank you to CSO Øistein Jensen and VP Technology Erik Hjortland for overview and insights!
Sustainability will be a differentiator going forward, in all industries and business areas. We are already in a leading position and have a strong history to build on, but we also have improvement potential – and we want to continue being a leader. That is why we, with the support of the board, have set new, ambitious targets and lifted sustainability as a core focus area in the years to come.
Reducing our environmental footprints and increasing diversity in our workforce are two main tracks. Both will require systematic and dedicated effort over time. It is a continuation of the way we always have done business: Responsible, innovative, and ready to seize opportunities. To succeed, we need everyone's support, and we hope you will join in and contribute as we take new steps in our environmental, social and governance commitments.
As we covered in the 3Q presentation, we have several highlights to be proud of this past quarter:
The solid result is the sum total of the efforts you all put in. We have been through a year characterized by an unprecedented global crisis, and as said so many times before (but it cannot be repeated too often): The way you have handled the situation is simply world class!
In the current challenging environment, we need to prepare for different possible scenarios going forward. Political movements and incentives, economic uncertainty and trade, international relations and other trends can all affect our markets – and of course the one challenge that is bigger than them all: the long-term effects of Covid-19.
Moving forward, we highlighted the following trends and expectations in the quarter presentation:
The pandemic continues to challenge us; our work life, personal life, family, friends, colleagues, local businesses. Most of us have to adjust to restrictive measures in our daily lives.
We still meet crew change obstacles every single day. We are deeply grateful and impressed by the exceptional attitude our seafarers continue to show in this prolonged period of uncertainty and changing conditions. I want to thank every one. Crewing operations have had many remarkable breakthroughs, and have even brought attention to unjust policies to the very top government level in several countries, among them Norway and Egypt. Rest assured that the shore organization will continue to go the extra mile.
The pandemic's longevity can take its toll on all of us, and I reiterate my encouragement to take care of your mental and physical health. The Norwegian Health Institute recently published an article where they recommend the following:
The virus numbers are again increasing across the globe. Still, we have had very few Covid-19 cases in our organization onshore and onboard. This is a remarkable achievement, and it tells me that you all put safety first, that you are proactive in protecting yourself, your family and colleagues.
With the tempo the virus spreads these days, it seems unlikely that we will all be untouched moving forward, but our track record so far is impressive. I encourage you to continue being vigilant in following the virus protection measures and stay patient. We will get through this!
Keep up the good work, wash hands, keep the distance, stay safe and take care.
Thank you,
Kristian Mørch
CEO, Odfjell SE
