Odfjell SE

ODF

Equity

ISIN NO0003399909 / Valor 599560

Oslo Stock Exchange (2026-07-07)

NOK 104.00-0.95%

Odfjell SE
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About company

Odfjell SE is a prominent player in the global market for the seaborne transportation and storage of chemicals and other specialty bulk liquids. Founded in 1914, the company has a long history of innovation, having pioneered the chemical tanker trade in the 1950s and the tank storage business in the late 1960s. Odfjell operates a fleet of advanced chemical tankers and a network of tank terminals worldwide, providing comprehensive logistics solutions for the safe and efficient handling of hazardous and non-hazardous liquids. The company's extensive experience and specialized infrastructure enable it to serve a diverse range of industries, including petrochemicals, agriculture, and pharmaceuticals.

Summarized from source with an LLMView SourceSector: Consumer Services

Earnings and margins

Time charter earnings USD 167.0m (flat q/q); TCE/day USD 27,232 (down from USD 27,978 in 4Q25). EBITDA USD 81.0m, EBIT USD 45.6m. Reported net result USD 32.1m; adjusted net result USD 26m (excl. one‑offs). Annualized ROE 11.1% and ROCE 9.2% in 1Q26.

Market drivers and Middle East impact

Escalation in the Middle East disrupted operations: increased ballasting, rerouting, provisioning and insurance costs. Four Odfjell vessels were inside the Strait of Hormuz (one owned, three time‑chartered) — all crew reported safe. Management cites initial negative effects from the conflict as a material drag on earnings in 1Q26.

Cash flow and liquidity

Operating cash flow USD 49.7m (down ~USD 24m q/q, driven by +USD 15m working capital). Free cash flow USD 28.0m. Cash and cash equivalents USD 131.3m; total available liquidity ~USD 358m when including drawing facilities (new revolving facility added in 1Q26).

Balance sheet and financing

Total assets USD 2,134.5m; total equity USD 983.9m (down ~USD 9m q/q after dividend and comprehensive income). Non‑current interest‑bearing debt rose to USD 682.6m (refinancing and a new facility); nominal interest‑bearing debt (incl. ROU) ~USD 1,050m. Dividend payments around USD 40m were made in 1Q26.

Fleet activity, capex and commitments

Three newbuildings were delivered on long‑term time charter in 1Q26. After quarter‑end Odfjell signed to buy four 40,000 dwt newbuildings (total investment ~USD 290m). A vessel previously under right‑of‑use was purchased (transaction reduced lease liability ~USD 36m). Newbuildings on order and long‑term TC commitments remain significant.

Terminals performance

Odfjell Terminals delivered consolidated EBITDA USD 10.6m in 1Q26 and group net result contribution of ~USD 2.3m (vs USD 1.8m in 4Q25). Commercial occupancy averaged ~94%. Key expansions: Antwerp Tankpit‑S (36,000 cbm) and Ulsan E5 (~88,000 cbm) progressing.

Sustainability / carbon intensity

Annual Efficiency Ratio (AER) for the controlled fleet rose to 7.0 in 1Q26 from 6.8 in 4Q25, driven by seasonality, increased docking and Middle East‑related inefficiencies. Management expects overall carbon intensity improvement in 2026 as fuel‑efficient newbuildings enter the fleet.

Outlook

Management expects underlying net result in 2Q26 to be higher than in 1Q26, citing a surge in rates in many markets due to increased tonne‑miles from Strait of Hormuz disruptions and deliveries of efficient newbuildings that support operations going forward.

Summarized from source with an LLMView Source

Key figures

-11.4%1Y

12.8%3Y

230%5Y

Performance

33.8%1Y

37.7%3Y

36.6%5Y

Volatility