Odfjell SE has announced its second-quarter 2024 financial results, highlighting a record-breaking performance. Supported by a solid contract portfolio and excellent operational efficiency, the company has achieved its highest-ever quarterly financial results. Source: Odfjell.
Record Financial Performance and Strong Operational Efficiency
Odfjell SE reported time charter earnings of USD 215 million in 2Q24, up from USD 195 million in the previous quarter. The company’s EBIT also saw an increase, reaching USD 107 million compared to USD 89 million in 1Q24. Odfjell’s net result for the quarter was a record USD 88 million, driven by higher rates on renewed COAs and sustained operational efficiency, with no significant incidents reported during the quarter.
Expansion and Future Outlook
During 2Q24, Odfjell expanded its fleet by taking delivery of one newbuilding on long-term time charter and secured contracts for two additional new buildings set for delivery in 2027 and 2028. This brings the total number of new buildings in order to 17 vessels. The Board approved a USD 1.00 per share dividend based on strong first-half results. CEO Harald Fotland expressed confidence in continued strong performance into the third quarter, although slightly below the record results of 2Q24.
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Source: Odfjell
