Q3 2023 Odfjell SE Earnings Call Transcript

Nov 02, 2023

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Nov 02, 2023 / 08:00AM GMT
Harald Fotland - Odfjell SE - CEO

Good morning, everybody, and welcome to the presentation of Odfjell's third quarter results. This presentation will follow a standard agenda. I will go through the highlights, and then my colleague, Terje Iversen, will present our financial performance. And I will conclude this presentation with an operational review. I will go through the market update, and finally, our prospects going forward.

Turning to the highlights. The third quarter was another strong quarter for Odfjell. The time charter earnings for Odfjell Tankers ended at USD 184 million, and this compares to USD 185 million in the previous quarter. We delivered an EBIT of USD 76 million, and this compares to USD 79 million in the second quarter. We delivered a solid net result of USD 52 million, and adjusted for one-off items, the result was $49.4 million compared to USD 53 million in the second quarter.

The rates on our renewed contracts during the quarter were up 18% on average, and this covered approximately 7% of our total estimated contract volume. Net result contribution from Odfjell

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