Odfjell SE has reported its results for the first quarter of 2021. The report shows that the chemical tanker market and Odfjell’s results were negatively influenced by seasonality, disruptions of COA volumes caused by the unprecedented freeze in Texas, and a challenging CPP market.
Reported Annual Efficiency (AER) for Odfjell’s managed fleet as of 1Q21 is 8.53, slightly up from 8.44 in 1Q20, but ahead of the Sustainability Performance Target trajectory. It said it is “on track towards the set company goal for 2030”.
Acquired JV partner’s share in Odfjell Gas’ two gas carriers and the vessels are now owned and incorporated in Odfjell Tankers. The board decided not to recommend a dividend for FY 2020.
CEO Kristian Mørch said: “The first quarter of 2021 was impacted by a challenging chemical tanker market with disruptions in supply chains due to extraordinary weather conditions and COVID-19, and a weak CPP market.
“Underlying fundamentals remain strong, and we expect our markets to improve throughout the year. Following the end of the largest fleet renewal programme in the history of the company, we are now well positioned to generate improved free cash flow and strengthen our balance sheet. We expect to report improved results in 2Q21.”
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