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Odfjell SE 2Q21 results

Slightly improved results as the chemical tanker market remained challenging.

Odfjell SE today reported its results for the second quarter of 2021. The report shows slightly improved results driven by operational improvements as the chemical tanker market remained challenging.

Highlights for 2Q21

  • Timecharter earnings in Odfjell Tankers of USD 123 million compared to USD 120 million in  1Q21
  • Net result contribution from Odfjell Terminals of USD 1 million, in line with previous quarter
  • EBIT of USD 11 million compared to USD 8 million in 1Q21
  • Net result of USD -8 million compared to USD -16 million in 1Q21
  • A minor part of our COA portfolio was renewed since last reporting with rate renewals up 5%

Subsequent events

  • Entered into a sales agreement for our two Ethylene/LPG carriers to BW EPIC Kosan Ltd with proceeds received partly in cash and partly in freely transferable shares

"We continue to operate well, but the near term market remains unpredictable due to Covid-19 and the weak CPP markets. We maintain our fundamentally positive view on the chemical tanker markets and the markets in the key hubs for our terminals, but the third quarter is usually a seasonally slow quarter, which together with a continued challenging CPP market may result in a slightly weaker 3Q21 compared to 2Q21".

Kristian Mørch, CEO

Odfjell SE will present the results in a live webcast at 10:00 CET today, followed by a Q&A session. Follow the webcast at Questions can be posted in the webcast player during the live presentation.

2Q21 Presentation  2Q21 Report  Webcast

Bjørn Kristian Røed, VP Corporate Analysis & IR
Tel: +47 40 91 98 68

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