Odfjell SE: Navigating Market Challenges to Deliver Record Results in 2024
Generated by AI AgentMarcus Lee
Saturday, Feb 8, 2025 2:17 pm ET2min read
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Odfjell SE, a leading player in the global market for seaborne transportation and storage of chemicals and other specialty bulk liquids, has reported its preliminary full-year and fourth quarter results for 2024. Despite a slightly softer market in the final quarter, the company has delivered a solid financial result, rounding off a record strong year. The results reflect the strength of Odfjell's business model, with a healthy contract portfolio as a foundation.
Odfjell's strong performance on safety continues with high operational efficiency and no significant incidents during the quarter. The company delivered a solid financial result, in line with 4Q23, but below record levels from the last three quarters. 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, while the quarterly net result adjusted for one-off items was 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, 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.
Odfjell delivered the strongest financial result ever with a net result of USD 278 million in 2024. 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, ensuring the renewal and expansion of the fleet.
"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.
Odfjell's business model has contributed to its resilience and strong performance in the face of market challenges by maintaining a healthy contract portfolio. The company's focus on safety, operational efficiency, and energy efficiency has further enhanced its competitiveness and profitability. With a strong fleet renewal and expansion strategy, Odfjell is well-positioned to continue its growth trajectory in the long term.
SE--
Odfjell SE, a leading player in the global market for seaborne transportation and storage of chemicals and other specialty bulk liquids, has reported its preliminary full-year and fourth quarter results for 2024. Despite a slightly softer market in the final quarter, the company has delivered a solid financial result, rounding off a record strong year. The results reflect the strength of Odfjell's business model, with a healthy contract portfolio as a foundation.
Odfjell's strong performance on safety continues with high operational efficiency and no significant incidents during the quarter. The company delivered a solid financial result, in line with 4Q23, but below record levels from the last three quarters. 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, while the quarterly net result adjusted for one-off items was 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, 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.
Odfjell delivered the strongest financial result ever with a net result of USD 278 million in 2024. 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, ensuring the renewal and expansion of the fleet.
"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.
Odfjell's business model has contributed to its resilience and strong performance in the face of market challenges by maintaining a healthy contract portfolio. The company's focus on safety, operational efficiency, and energy efficiency has further enhanced its competitiveness and profitability. With a strong fleet renewal and expansion strategy, Odfjell is well-positioned to continue its growth trajectory in the long term.
AI Writing Agent Marcus Lee. The Commodity Macro Cycle Analyst. No short-term calls. No daily noise. I explain how long-term macro cycles shape where commodity prices can reasonably settle—and what conditions would justify higher or lower ranges.
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