Odfjell SE reports 4Q24 results
London, February 07, 2025, (Oilandgaspress) –––Odfjell SE today reported its results for the preliminary full-year, and fourth quarter of 2024. The report shows that Odfjell rounded off a record strong 2024 and continued to perform well in the final quarter of the year despite a slightly softer market. The results reflect the strength of Odfjell’s business model, with a healthy contract portfolio as a foundation.
Highlights—4Q24
The strong performance on safety continues with high operational efficiency and no significant incidents during the quarter.
Odfjell delivered a solid financial result, in line with 4Q23, but below record levels from the last three quarters.
The time charter earnings ended at USD 183 million, compared to USD 202 million in 3Q24.
EBIT of USD 68 million compared to USD 91 million in 3Q24.
Quarterly net result of USD 51 million. Net result adjusted for one-off items at USD 53 million compared to USD 71 million in 3Q24.
Net result contribution from Odfjell Terminals was USD 2.2 million, slightly below 3Q24.
The carbon intensity (AER) for 4Q24 came in at 7.1.
During the quarter, one newbuilding was delivered on time charter, and Odfjell declared purchase options for three stainless steel vessels. These are currently on long-term time charter or bareboat charter. Contracts were also concluded for three additional newbuildings to be delivered between 2026 and 2028: two vessels on long-term charters and one to be owned by Odfjell.
The Board approved a dividend of USD 0.78 per share based on 2H24 net adjusted results.
Highlights—FY2024
Odfjell delivered the strongest financial result ever with a net result of USD 278 million. Total dividend per share related to 2024 results will be USD 1.78, amounting to USD 141 million.
Odfjell took delivery of four vessels on long-term time charter during the year. With another 18 newbuildings on order, the renewal and expansion of the fleet continue.
“Odfjell rounded off a record strong 2024 and continued to perform well in the final quarter of the year despite a slightly softer market. This shows the strength of our business model, with a healthy contract portfolio as a foundation.The year has also demonstrated our team’s excellent performance on safety and operational efficiency, as well as continued progress on energy efficiency. 1Q25 is expected to be another quarter of solid financial results, slightly below 4Q24 due to the lower spot volumes observed at the start of the quarter,” said CEO Harald Fotland. On Friday, February 7, the company will present the results at Hotel Continental, Stortingsgata 24/26, Oslo at 10:00 CET
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