Odfjell SE has announced its first-quarter 2024 results, showcasing a record-breaking quarter buoyed by robust markets. The rerouting of vessels away from the Red Sea has further elevated freight rates, contributing to the company’s success.
Here are the highlights from the first quarter of 2024:
The company achieved a record net result of USD 68 million. The net result, adjusted for one-off items, amounted to USD 69 million, compared to USD 50 million in the fourth quarter of 2023.
Time charter earnings in Odfjell Tankers reached USD 195 million, up from USD 182 million in the fourth quarter of 2023.
EBIT stood at USD 89 million, showing a significant increase from USD 71 million in the fourth quarter of 2023.
Rates on renewed COAs in the quarter experienced a 14 percent increase on average, covering 22 percent of the estimated annual contract volume.
The net result contribution from Odfjell Terminals increased to USD 3.2 million, compared to USD 2.4 million in the fourth quarter of 2023.
Fleet carbon intensity for the first quarter of 2024 was 7.14, slightly better than the fourth quarter of 2023.
During the quarter, Odfjell took delivery of one newbuild on long-term time charter and signed an agreement for one owned newbuilding. Additionally, the company concluded agreements for a further four newbuildings on long-term time charter in April. These vessels are scheduled for delivery in 2026 and 2027, bringing Odfjell’s total number of newbuildings on order to 16 vessels. This accounts for approximately 20 percent of the order book in the chemical tanker segment.
Harald Fotland, CEO of Odfjell SE, commented on the results, stating, “Odfjell delivered a record result in the first quarter of 2024. This reflects the tightened market situation due to the increased tonne-mile demand. We also continued to increase the rates in our COA portfolio. This, in combination with a very professional and dedicated organisation, gives a solid basis for future earnings. We expect our earnings to further increase in the second quarter of 2024.”
For more information visit www.odfjell.com
