Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Portfolio
  • Forum
  • Q&A
  • About Us
    • Our Coverage
    • Team
Regulatory press release

Odfjell SE 3Q23: Another strong quarter

Odfjell
Download the release

Odfjell SE today reported its results for the third quarter of 2023. The report shows another strong financial quarter for Odfjell with more revenue days for the fleet and increased contract volumes.

Highlights - 3Q23:
  • Time charter earnings in Odfjell Tankers ended at USD 184 million, compared to USD 185 million in 2Q23.
  • EBIT of USD 76 million compared to USD 79 million in 2Q23.
  • Solid net result of USD 52 million. Net result adjusted for one-off items was USD 49 million compared to USD 53 millioin in 2Q23.
  • Rates on renewed COAs during the quarter were up 18% on average, covering 7% of estimated annual contract volume.
  • Net result contribution from Odfjell Terminals stable at USD 2.1 million compared to USD 2.3 million in 2Q23.
  • The fleet's carbon intensity (AER) for 3Q23 came in at 7.2. Seasonal changes due to weather and trading patterns will affect fleet emissions, and 3Q23 was as expected slightly higher than the record low 7.0 recorded in 2Q23.
  • On September 19, Odfjell fully redeemed a USD 113 million bond.

"Odfjell delivered yet another strong quarter in line with what we achieved in 2Q23. This came at the back of the traditionally slower summer months.
Fourth quarter is historically a seasonally strong quarter, and we expect activity levels and freight rates to remain at healthy levels for the rest of the year. As we have more vessels than usual planned for dry docking in 4Q23, we will have slightly fewer commercial days. In sum, we expect our earnings to remain stable in 4Q23."  said CEO Harald Fotland.

Please see attached for the 3Q23 report and presentation. Tomorrow, Thursday November 2 at 09:00 CET, Odfjell SE will present the results in a live webcast followed by a Q&A session. Watch the presentation at https://www.odfjell.com/investor/webcast
The presentation will be held in English.

Find us on social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Get in touch
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.