Odfjell SE has announced its financial results for the first quarter of 2025, demonstrating resilience amidst rising market uncertainties. The company has maintained strong safety standards and operational efficiency, reporting no significant incidents during the quarter, which is commendable in the current environment.
In terms of financial highlights, Odfjell reported time charter earnings of USD 168 million for the quarter, a decrease from USD 183 million in the fourth quarter of 2024. The time charter equivalent (TCE) per day also saw a slight decline, with figures reaching USD 29,556, down 4% from the previous quarter’s USD 30,744.
The company recorded an EBIT of USD 54 million, down from USD 68 million, while the net result for the quarter was reported at USD 34 million. Adjusted for one-off items, the net result came to USD 33 million, compared to USD 53 million in the previous quarter.
Furthermore, Odfjell Terminals contributed USD 2.9 million to the net result, reflecting a modest increase from the fourth quarter. A significant achievement highlighted in the report is Odfjell’s improvement in carbon intensity, achieving a new record low of 7.0 for the quarter.
The Bow Olympus also completed its first near-carbon-neutral transatlantic voyage, utilizing suction sails and biofuel. Additionally, the company has enhanced its fleet with contracts for two newbuildings set to be delivered on long-term time charters in 2027 and 2028, expanding their total vessel order book to 20 ships.
CEO Harald Fotland expressed optimism, stating that despite the challenges posed by the initial U.S. trade tariffs, Odfjell has achieved solid performance in 1Q25. He anticipates that the results for the second quarter will be comparable to or slightly better than the first quarter, while emphasizing the importance of closely monitoring the prevailing market conditions.