Odfjell SE has released its preliminary full-year and fourth-quarter 2024 financial results, confirming a record-breaking year for the shipping company. Despite a slight softening in market conditions toward the end of the year, the company maintained its strong financial and operational performance, underpinned by a solid contract portfolio and efficient fleet management.
The fourth quarter saw Odfjell continuing its focus on safety and operational efficiency, reporting no major incidents. Financially, the company delivered a solid quarter, though slightly below the record-setting results seen in the previous three quarters. Time charter earnings totaled USD 183 million, down from USD 202 million in Q3, while EBIT came in at USD 68 million compared to USD 91 million in the preceding quarter. The quarterly net result stood at USD 51 million, with an adjusted net result of USD 53 million, reflecting a dip from the USD 71 million recorded in Q3. Odfjell Terminals contributed USD 2.2 million to the net result, slightly lower than the previous quarter’s figure.
The company continued its strategic fleet expansion in Q4, taking delivery of one newbuilding on time charter. Additionally, Odfjell exercised purchase options for three stainless steel vessels, all currently under long-term time charter or bareboat charter agreements. Contracts were also finalized for three newbuildings set for delivery between 2026 and 2028—two on long-term charters and one to be fully owned by Odfjell. These moves underscore the company’s commitment to modernizing its fleet while maintaining operational efficiency.
A key metric reflecting Odfjell’s sustainability efforts, the Annual Efficiency Ratio (AER) carbon intensity, stood at 7.1 for the quarter. The company remains focused on improving its environmental footprint, reinforcing its reputation as a leader in sustainable shipping.
On the dividend front, the Board approved a payout of USD 0.78 per share based on second-half 2024 adjusted net results, highlighting Odfjell’s commitment to shareholder returns.
For the full year 2024, Odfjell delivered its strongest financial performance on record, posting a net result of USD 278 million. The total dividend per share for the year reached USD 1.78, amounting to a total distribution of USD 141 million. Fleet expansion remained a priority, with four new vessels taken on long-term charter during the year. With an additional 18 newbuildings on order, the company continues its steady renewal and growth strategy.
Reflecting on the results, CEO Harald Fotland stated, “Odfjell rounded off a record-strong 2024 and continued to perform well in the final quarter 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. 1Q25 is expected to be another quarter of solid financial results, slightly below 4Q24 due to the lower spot volumes observed at the start of the quarter.”
With a strong balance sheet, a growing fleet, and a disciplined approach to market conditions, Odfjell SE remains well-positioned to sustain its performance heading into 2025.
