Odfjell SE: Sale of last short-sea vessels

Odfjell SE has entered into a sales agreement for the last three 9,000 dwt short-sea vessels that have operated in the company’s regional trade in Asia. The sale marks an exit from Odfjell’s short-sea regional trade in Asia as the remaining vessel on a timecharter to Odfjell will also be re-delivered to its owners in January 2022. These vessels have not been able to deliver satisfactory results and we have consequently taken the decision to exit this niche market. Odfjell has, through this transaction, completed the transition to a sole focus on deep sea logistics within our shipping segment.

The transaction will result in a USD 21 million one time impairment in Odfjell’s 3Q21 results as the vessels are re-classified as assets held for sale.

The transaction will contribute positively to Odfjell’s results going forward. Closing and delivery is scheduled to January/February 2022 and net cash proceeds after repayment of loans and commission is approximately USD 1 million.