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Odfjell SE 4Q23: A solid quarter that concludes a record year for Odfjell

Odfjell SE today reported its results for the preliminary full-year/ fourth quarter of 2023. The report shows a solid quarter that concludes a record year for Odfjell.

Highlights - 4Q23:

  • The time charter earnings in Odfjell Tankers ended at USD 182 million, compared to USD 184 million in 3Q23.
  • EBIT of USD 71 million compared to USD 76 million in 3Q23.
  • Strong net result of USD 52 million. Net result adjusted for one-off items was USD 50 million, compared to USD 49 million in 3Q23.
  • Rates on renewed COAs in the quarter were up 5% on average, covering 29% of estimated annual contract volume.
  • Net result contribution from Odfjell Terminals slightly up at USD 2.4 million, compared to USD 2.1 million in 3Q23.
  • Carbon intensity (AER) for 4Q23 came in at 7.2, in line with 3Q23.
  • The Board approved dividend of USD 0.63 per share based on 2H23 net adjusted results. 

 

Highlights – FY2023:

  • Odfjell delivered a record strong net result of USD 203 million, leading to a total dividend FY2023 of USD 99 million.
  • The COA portfolio was further strengthened, providing a solid foundation for all Odfjell’s trades and reducing earnings volatility going forward.
  • Geopolitical tensions and the Panama Canal drought led to inefficiencies that increased vessel utilization, in turn supporting higher rates.
  • Odfjell continues to renew its fleet and has in total twelve new 25-40,000 dwt stainless steel vessels to be delivered on long-term time charters and pool agreements between 2024 and 2027.

“Our solid performance continued in 4Q23, rounding off a record year for Odfjell. Our main concern will always be the safety of our people. Since early December, we have not been sailing through the Red Sea. The market balance is tight, and added inefficiencies from the restrictions in the Panama and Suez canals will likely contribute to even higher fleet utilization. In sum, we expect our earnings to increase slightly in 1Q24” – CEO Harald Fotland

Please see attached for the 4Q23 report and presentation. Tomorrow, Friday February 9 at 09:00 CET, Odfjell SE will present the results in a live webcast, followed by a Q&A session. The presentation will be held in English.

4Q23 Presentation  4Q23 Report  Webcast


IR Contact: 

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

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