Q3 2025 Odfjell SE Earnings Call Transcript
Key Points
- Odfjell SE (ODJBF) delivered a strong safety performance with no significant incidents during the third quarter.
- The company reported robust financial results, consistent with the previous quarter, with a net result of $42 million.
- Odfjell SE (ODJBF) saw an increase in total volumes for the third consecutive quarter, with contract coverage at 56%.
- The company achieved a record low carbon intensity (AER) of 6.8, maintaining its decarbonization efforts.
- Tank terminals maintained a high occupancy rate above 95% and saw a 3% increase in inbound throughput.
- Time charter earnings per day decreased by 7% compared to the previous quarter.
- Spot rates continued to decline during the third quarter, impacting overall earnings.
- Operating cash flow decreased to $67 million from $109.2 million in the second quarter.
- The company faced one-off items at the holding level that negatively impacted consolidated EBITDA and net results.
- Freight rates east of Suez declined due to surplus tonnage, putting pressure on chemical freight rates in that region.
Good morning to all of you and welcome to this presentation of Odfjell's third quarter results. We will follow a standard agenda for this presentation. I will take you through the highlights. My colleague Terje Iversen will present our financial performance, and then I will conclude this presentation by an operational review and a market update and prospects.
If we then turn to the highlights, we once again delivered a strong safety performance in our third quarter. We had high operational performance and we also saw no significant incidents during the quarter. We are delivering robust financial results and this is in line with what we saw in the second quarter.
Our total volumes were slightly up in the third quarter. We saw our contract over freight volumes going up, and we now have a contract percentage of approximately 56%. At the same time, we also saw that the spot rates continued to decline during the third quarter.
Our time charter earnings were ended at $173 million and this compares to $174 million in the previous
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