Odfjell Announces “Resilient” Financial Result
Odfjell SE has reported its results for the first quarter of 2025, showing a resilient financial result despite the increased market uncertainty due to the initial U.S. trade tariffs announcement.
The Odfjell Group is one of the leading players in the global market for seaborne transportation and storage of chemicals and other specialty bulk liquids.
Time charter earnings ended at $168 million, compared to $183 million in 4Q24. TCE/day for the quarter was $29,556, down 4% compared to $30,744 in 4Q24.
EBIT was $54 million compared to $68 million in 4Q24.
The quarterly net result was $34 million. Net result adjusted for one-off items at $33 million compared to $53 million in 4Q24.
The net result contribution from Odfjell Terminals was $2.9 million, slightly up from 4Q24.
Carbon intensity (AER) for 1Q25 was 7.0, a further improvement from the previous quarter and a new record low for Odfjell. Bow Olympus completed first near-carbon-neutral transatlantic voyage utilizing suction sails and biofuel.
Odfjell concluded contracts for two additional newbuildings to be delivered on long-term time charters in 2027 and 2028. This brings Odfjell’s total vessel orderbook to 20 ships, of which 18 on long-term time charters.
“We expect our 2Q25 financial results to be in line with, or slightly better than 1Q25, however we are closely monitoring the uncertain market situation," said CEO Harald Fotland.
