Odfjell SE 2Q24: A new record quarter for Odfjell, with markets at elevated levels due to increasing freight rates at the end of previous quarter

Investor | 22.08.2024
Odfjell SE today reported its results for the second quarter of 2024. The report shows a new quarterly record financial result for Odfjell on the back of a robust contract portfolio and excellent operational performance.

Highlights - 2Q24:

  • Odfjell´s strong performance on safety continues with high operational efficiency and no significant incidents during the quarter.
  • The time charter earnings in Odfjell Tankers ended at USD 215 million, compared to USD 195 million in 1Q24.
  • EBIT of USD 107 million compared to USD 89 million in 1Q24.
  • Record quarterly net result of USD 88 million. Net result adjusted for one-off items was USD 88 million compared to USD 69 million in 1Q24.
  • Rates on renewed COAs in the quarter were up 5% on average, covering around 6% of estimated annual contract volume.
  • Net result contribution from Odfjell Terminals was USD 2.9 million versus USD 3.2 million in 1Q24.
  • Carbon intensity (AER) for 2Q24 came in at 7.1, marginally better than 1Q24.
  • Odfjell took delivery of one newbuilding on long-term time charter and concluded contracts for a further two newbuildings on long-term time charter with scheduled delivery in 2027 and 2028. This increase the total number of newbuildings on order for Odfjell to 17 vessels.
  • Dividend of USD 1.00 per share approved by the Board based on adjusted 1H24 results.

“In the second quarter of 2024, Odfjell delivered yet another record result, following the strong first quarter. The market balance continued to be tight with our robust COA portfolio and excellent operational performance underpinning our solid financial results. We expect 3Q24 to be another strong quarter, somewhat below 2Q24.”

CEO Harald Fotland

2Q24 Report 2Q24 Presentation Webcast


Tomorrow, Wednesday, August 21 at 08:45 CET, Odfjell SE will present the results at the investor conference "Vestland på Børs", held in Bergen. The presentation will also be sent in a live webcast. Follow the webcast at: www.odfjell.com/investor/webcast

The presentation will be held in English.
 

IR Contact: 

Nils Jørgen Selvik, VP Finance & IR
Tel: +47 920 39 718
E-mail: nils.jorgen.selvik@odfjell.com