Q1 2026 Odfjell SE Earnings Call Transcript
Key Points
- Odfjell SE (ODJBF) delivered a strong safety performance in a challenging environment, ensuring the safety of all crew members aboard their vessels.
- The company signed contracts to purchase four new 40,000 deadweight ton super segregators, indicating a strategic investment in fleet expansion.
- Odfjell SE (ODJBF) reported a stable performance in its terminal operations, with a consolidated EBITDA increase from 7.9% to 10.6%.
- The company has been proactive in managing its debt, establishing a new revolving credit facility and refinancing existing bank facilities.
- Odfjell SE (ODJBF) is focusing on sustainability, with new vessels equipped with energy-efficient technologies to improve carbon intensity.
- Time charter earnings per day decreased from USD27,978 in the previous quarter to USD27,232, reflecting fewer commercial days and higher costs.
- The company's net result decreased to USD32 million from USD38 million in the previous quarter, indicating a decline in profitability.
- Odfjell SE (ODJBF) experienced a decline in transported volumes, particularly in contract volumes, due to the situation in the Middle East Gulf.
- The company's carbon intensity, measured by AER, increased from 6.8 to 7.0, partly due to seasonal effects and increased dry docking days.
- Cash and cash equivalents decreased to USD131 million, although total liquidity available increased when including available drawing facilities.
Good morning to everyone, and welcome to this presentation of Odfjell's first quarter results. We are living in unpredictable times and in that context, it's reassuring to know that the agenda for this presentation is very predictable. I will take you through the highlights.
My colleague, Terje Iversen, our CFO, will take you through our financial performance. And then I will conclude this presentation with an operational review, and a market update and prospects for the coming quarter. Then turning to the highlights, we once again delivered a strong safety performance in the first quarter, but in a much more challenging environment.
We have four vessels inside the Strait of Hormuz, one vessel that we own and three vessels that are time-chartered. I'm very happy to inform you that all crew are safe. I'm impressed by the leadership that we observe on those four vessels. I'm impressed by the crew's ability to maintain the morale and atmosphere on Board.
And it also impresses me that they are still able to make rational
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