Odfjell SE 1Q26 results: Solid operational performance amid market uncertainty<\/p>\n
Odfjell\u2019s strong safety performance continued amid a more challenging environment.<\/p>\n
Four\u00a0vessels\u00a0are currently\u00a0inside the Strait of Hormuz, one owned and three time chartered. All crew members are safe, and\u00a0the shore team\u00a0remains\u00a0in close contact with each vessel to ensure their continued security.<\/p>\n
Time charter earnings ended at USD 167 million, compared to USD 168 million in 4Q25.<\/p>\n
TCE per day was USD 27,232 versus USD 27,978 in 4Q25. Weaker earnings also reflect initial negative effects from the conflict in the\u00a0Middle East\u00a0Gulf, including increased ballasting, rerouting, and higher provisioning and insurance costs.<\/p>\n
EBIT of USD 46 million, compared to USD 53 million in 4Q25.<\/p>\n
Net result contribution from Odfjell Terminals of USD 2.3 million, versus USD 1.8 million in 4Q25.<\/p>\n
Net result of USD 32 million, compared to USD 38 million\u00a0in\u00a0the previous quarter. Net result adjusted for\u00a0one-off items\u00a0\u2013\u00a0mainly a USD 4.8 million capital gain from asset sales\u00a0\u2013\u00a0amounted to USD 26 million, compared to USD 38 million in 4Q25.<\/p>\n
After\u00a0quarter-end, Odfjell signed agreements to purchase four 40,000 dwt vessels to be constructed at the Kitanihon shipyard in Japan. Total investment amounts to around USD 290 million. Three\u00a0newbuildings\u00a0were delivered\u00a0on time charter in 1Q26.<\/p>\n
The carbon intensity (AER) of\u00a0Odfjell\u2019s\u00a0controlled fleet increased to 7.0 in 1Q26, from 6.8 in the previous quarter, due to seasonal effects, increased docking activity, and inefficiencies related to the conflict in the\u00a0Middle East\u00a0Gulf.<\/p>\n
\u201cThe first quarter of 2026 saw further escalation of geopolitical uncertainty and volatility.\u00a0I am proud of our people on board and ashore, who expertly handled both safety, operational, and commercial challenges after the outbreak of the conflict. The situation remains unpredictable, and we continue to monitor developments closely while prioritizing the safety of our crew and vessels.<\/p>\n
The increased tonne-miles caused by the disruption of the Strait of Hormuz has led to a surge in rates in most markets.\u00a0We expect the underlying net result in 2Q26 to be higher than in 1Q26\u201d<\/p>\n
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