Odfjell SE: First quarter 2021 results impacted by seasonality and weather disruptions
Odfjell SE today 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. Highlights for 1Q21
• Timecharter earnings in Odfjell Tankers of USD 120 million compared to USD 125 million in 4Q20
• Net result contribution from Odfjell Terminals of USD 0.2 million compared to USD -0.6 million 4Q20
• EBIT of USD 8 million compared to USD 18 million in 4Q20
• Net result of USD -16 million compared to USD -3 million in 4Q20. Excluding extraordinary items, net result was USD -14 million compared to USD -1 million in 4Q20
Odfjell SE: Stable chemical tanker rates, but CPP markets are putting pressure on earnings
Odfjell SE today reported its results for the fourth quarter of 2020. The report shows stable chemical tanker rates, but a very weak CPP market and increasing fuel prices kept pressure on earnings.
Highlights for 4Q20
• Net result of USD -3 million compared to USD 4 million last quarter
• COA rate renewals were up 2.7% and continue the firming trend
• Established two new pools, Odfjell Coated MR and Odfjell Handy pool
• Odfjell SE acquired Lindsay Goldberg’s indirect 24.5% shareholding in Odfjell Terminals Korea
• A fire occurred at Odfjell Terminals Houston in December. A force majeure was declared and subsequently lifted in January