Odfjell Reports Record Year Despite Market Softening
Norwegian tanker company Odfjell has reported its results for the preliminary full-year and fourth quarter of 2024 indicating a record strong year.
The company has continued to perform well in the final quarter of the year despite a slightly softer market. It delivered a solid financial result in line with Q4 2023 but below record levels from the last three quarters. Time charter earnings ended at $183 million, compared to $202 million in Q3 2024.
The company’s quarterly net result adjusted for one-off items was $53 million compared to $71 million in Q3 2024.
During the quarter, one newbuilding was delivered on time charter, and Odfjell declared purchase options for three stainless steel vessels. These are currently on long-term time charter or bareboat charter. Contracts were also concluded for three additional newbuildings to be delivered between 2026 and 2028: two vessels on long-term charters and one to be owned by Odfjell.
Odfjell took delivery of four vessels on long-term time charter during the year. With another 18 newbuildings on order, the renewal and expansion of the fleet continue.
"Odfjell rounded off a record strong 2024 and continued to perform well in the final quarter of the year despite a slightly softer market. This shows the strength of our business model, with a healthy contract portfolio as a foundation. The year has also demonstrated our team’s excellent performance on safety and operational efficiency, as well as continued progress on energy efficiency. Q1 2025 is expected to be another quarter of solid financial results, slightly below Q4 2024 due to the lower spot volumes observed at the start of the quarter," said CEO Harald Fotland.
