Odfjell SE release 1Q22 results

Odfjell SE today reported its results for the first quarter of 2022. The report shows a chemical tanker market that continued to strengthen throughout the quarter and a result in line with previous quarter, despite fewer ship days.

Highlights 1Q22:

Timecharter earnings in Odfjell Tankers of USD 136 million, unchanged from previous quarter, despite fewer ship days
Net result contribution from Odfjell Terminals of USD 3 million, in line with previous quarter
EBIT of USD 27 million, compared to USD 35 million in 4Q21
Net result of USD 11 million, compared to USD 15 million in 4Q21
Adjusted for one-offs, the 1Q22 net result was USD 9 million, compared to USD 10 million in 4Q21
COA rate renewals were up 7% on average during the quarter
Contract coverage during the quarter was 49%
The Board is recommending a dividend of NOK 1.0 per share for FY2021 to be approved by the AGM on May 5, 2022
The Board approved a dividend policy for the Company where Odfjell will pay 50% of net income adjusted for extraordinary items on a semi-annual basis
Harald Fotland has been appointed as the Company’s new Chief Executive Officer (CEO). Fotland comes from the position as Odfjell’s Chief Operating Officer, and will assume the CEO position on May 6, 2022
We are pleased with our 1Q22 results, which reflects the competitive strength of our platform even in unpredictable times. The chemical tanker market improved considerably in the second half of the quarter, driven by strong fundamentals and also by the crisis caused by Russia’s invasion of Ukraine. The chemical tanker market has tightened further and we expect to report stronger results in the second quarter”, said CEO Kristian Mørch. .Read More

The dividend is subject to shareholders approval and will be voted on at the Company’s Annual General Meeting, scheduled for May 5, 2022 in Bergen, Norway.

Dividend amount: 1.00 per share
Declared currency: NOK
Last day including right: 05.05.2022
Ex-date: 06.05.2022
Record date: 09.05.2022
Payment date: 16.05.2022
Date of approval: 05.05.2022 More