The chemical tanker company released its quarterly figures after the stock exchange closed on Tuesday and can show better figures compared to the same period last year. Timecharter earnings ended at USD 195 million, compared to USD 181 million the previous year. This corresponds to an average rate of 33,005 dollars per day in the first quarter, up from 30,818 dollars in the same period the previous year.
This resulted in Odfjell delivering an EBITDA (operating result) of USD 127 million, up from USD 110 million last year. This was 9 percent above consensus for the quarter.
Managing director Harald Fotland says that this is a record result and expects further improvement in income in the second quarter.
“Odfjell delivered a record result in the first quarter of 2024. This reflects the tight market situation due to increased tonne-mile demand, and we also continued to increase rates in our COA portfolio. This, in combination with a professional and dedicated organisation, provides a solid foundation for future results. We expect that our income will increase further in the second quarter of 2024,” says Harald Fotland.
During the first quarter, Odfjell also signed an agreement for a new building. A further four new buildings on long contracts were also closed in April. These ships are planned to be delivered in 2026 and 2027 and Odfjell’s newbuildings on order now add up to a total of 16 ships.
Tags: Record quarter Odfjell Finansavisen
