Odfjell SE: Slightly improved results as the chemical tanker market remained challenging

Odfjell SE today reported its results for the second quarter of 2021. The report shows slightly improved results driven by operational improvements as the chemical tanker market remained challenging.

Highlights for 2Q21
Subsequent events
"We continue to operate well, but the near term market remains unpredictable due to Covid-19 and the weak CPP markets. We maintain our fundamentally positive view on the chemical tanker markets and the markets in the key hubs for our terminals, but the third quarter is usually a seasonally slow quarter, which together with a continued challenging CPP market may result in a slightly weaker 3Q21 compared to 2Q21", CEO Kristian Mørch said.

• Timecharter earnings in Odfjell Tankers of USD 123 million compared to USD 120 million in 1Q21
• Net result contribution from Odfjell Terminals of USD 1 million, in line with previous quarter
• EBIT of USD 11 million compared to USD 8 million in 1Q21
• Net result of USD -8 million compared to USD -16 million in 1Q21
• A minor part of the COA portfolio was renewed since last reporting with rate renewals up 5%

• Entered into a sales agreement for the company's two Ethylene/LPG carriers to BW EPIC Kosan Ltd with proceeds received partly in cash and partly in freely transferable shares