Odfjell SE Announce 3Q23 Results
London, 02 November 2023, (Oilandgaspress) – 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.
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