Highlights 2Q26
- Odfjell's strong safety performance continued in 2Q26.
- The four Odfjell-operated vessels previously in the Middle East Gulf have all safely left the region. At present, Odfjell is not considering transits through the Strait of Hormuz.
- Time charter earnings ended at USD 195 million, compared to USD 167 million in 1Q26.
- TCE per day for the quarter was USD 29,486 versus USD 27,232 in 1Q26, reflecting stronger spot markets early in the quarter.
- EBIT of USD 69 million, compared to USD 46 million in 1Q26.
- Net result contribution from Odfjell Terminals of USD 1.8 million, versus USD 2.3 million in 1Q26.
- Net result of USD 54 million in 2Q26, compared to USD 32 million the previous quarter. Adjusted net result amounted to USD 56 million, compared to USD 26 million in 1Q26.
- Carbon intensity (AER) for the controlled fleet improved to 6.9 in 2Q26, from 7.0 in the previous quarter, despite continued operational inefficiencies caused by the conflict in the Middle East Gulf.
- Odfjell took delivery of two newbuildings on long term time charter in 2Q26 and sold one vessel for sustainable recycling. During the quarter, agreements were signed to purchase four super-segregators to be constructed at the Kitanihon shipyard in Japan.
- The Board approved a dividend of USD 0.52 per share, based on adjusted 1H26 results. This is in accordance with Odfjell's dividend policy to distribute 50% of net result on a semi-annual basis, adjusted for one-off items.
"The geopolitical situation remains highly unpredictable. I am relieved that all our operated vessels have now safely left the Middle East Gulf, and appreciate our competent team who ensured the safety of crews and ships before and during their transits.
We captured the firm spot market during the second quarter, while strong competition and reduced global volumes currently make up a more challenging environment. Following a strong second quarter, we expect the underlying net result in 3Q26 to be lower and closer to the level reported in 1Q26," said CEO Harald Fotland.
Please see attached for the 2Q26 report and presentation. Tomorrow, Friday, August 21, at 09:00 CEST, Odfjell SE will present the results in a live webcast, followed by a Q&A session. The presentation will be held in English.
2Q26 report 2Q26 presentation Webcast
Contact
Nils Jørgen Selvik, VP Finance & IR
Tel: +47 920 39 718
E-mail: nils.jorgen.selvik@odfjell.com
