Odfjell SE Announce 3Q22 Results
Odfjell SE today reported its results for the third quarter of 2022. The report shows a chemical tanker market that continued to improve in the third quarter despite what normally is a seasonally slower market.
Highlights:
- Time charter earnings in Odfjell Tankers increased to USD 171 million, up from USD 160 million 2Q22
- Net result contribution from Odfjell Terminals of USD 8 million compared to USD 2 million 2Q22. Excluding insurance proceeds and variations in FX- rates, results in 3Q22 were stable from last quarter
- EBIT reached USD 71 million compared to USD 53 million 2Q22
- Net result of USD 50 million compared to USD 30 million 2Q22. Net result adjusted for one-off items was USD 46 million compared to USD 30 million in 2Q22
- COA rate renewals were up 9% on average, but with a limited number of contract renewals concluded during the quarter
- The first of eight 25,000 dwt stainless steel newbuildings was delivered on long-term time charter in September, the second newbuilding will be delivered in November
“We are pleased to report another strong quarter for Odfjell. The results are driven by a robust chemical tanker market. We continue to perform well both operationally and commercially, capturing the ongoing momentum in our markets. The improved cash flow generation enables us to strengthen our balance sheet and also secures attractive returns to our shareholders. We expect continued strong spot rates across most trade lanes, and foresee slightly improved TCE results in 4Q22“, said CEO Harald Fotland.
