Odfjell SE has reported its results for the first quarter of 2025, showing a resilient financial result despite the increased market uncertainty.
Highlights – 1Q25
- The strong safety performance continues with high operational efficiency and no significant incidents during the quarter.
- Odfjell delivered a resilient financial 1Q25 result in a market characterized by increased uncertainty due to the initial U.S. trade tariffs announcement.
- Time charter earnings ended at USD 168 million, compared to USD 183 million in 4Q24. TCE/day for the quarter was USD 29,556, down 4% compared to USD 30,744 in 4Q24.
- EBIT of USD 54 million compared to USD 68 million in 4Q24.
- Quarterly net result of USD 34 million. Net result adjusted for one-off items at USD 33 million, compared to USD 53 million in 4Q24.
- Net result contribution from Odfjell Terminals was USD 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.
CEO Harald Fotland said:
'Despite heightened market uncertainty following the initial U.S. announcement of trade tariffs, Odfjell delivered a resilient financial result for 1Q25.
'This quarter, we reached a new milestone in our decarbonization efforts as an Odfjell vessel successfully completed a near-carbon-neutral transatlantic voyage.
'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.'
Source: Odfjell SE
