Odfjell SE: The chemical tanker market has continued to strengthen

4 May 2022

Odfjell SE today reported its results for the first quarter of 2022. The report shows a chemical tanker market that continued to strengthen throughout the quarter and a result in line with previous quarter, despite fewer ship days.

Highlights 1Q22:

• Timecharter earnings in Odfjell Tankers of USD 136 million, unchanged from previous quarter, despite fewer ship days

• Net result contribution from Odfjell Terminals of USD 3 million, in line with previous quarter

• EBIT of USD 27 million, compared to USD 35 million in 4Q21

• Net result of USD 11 million, compared to USD 15 million in 4Q21

• Adjusted for one-offs, the 1Q22 net result was USD 9 million, compared to USD 10 million in 4Q21

• COA rate renewals were up 7% on average during the quarter

• Contract coverage during the quarter was 49%

• The Board is recommending a dividend of NOK 1.0 per share for FY2021 to be approved by the AGM on May 5, 2022

• The Board approved a dividend policy for the Company where Odfjell will pay 50% of net income adjusted for extraordinary items on a semi-annual basis

• Harald Fotland has been appointed as the Company's new Chief Executive Officer (CEO). Fotland comes from the position as Odfjell's Chief Operating Officer, and will assume the CEO position on May 6, 2022

“We are pleased with our 1Q22 results, which reflects the competitive strength of our platform even in unpredictable times. The chemical tanker market improved considerably in the second half of the quarter, driven by strong fundamentals and also by the crisis caused by Russia's invasion of Ukraine. The chemical tanker market has tightened further and we expect to report stronger results in the second quarter", said CEO Kristian Mørch.

Please see attached for the 1Q22 report and presentation. Tomorrow, Thursday May 5 at 09:00 CET, Odfjell SE will present the results in a live webcast followed by a Q&A session. Watch the presentation at Odfjell.com. The presentation will be held in English.

The Odfjell Group is one of the leading players in the global market for seaborne transportation and storage of chemicals and other specialty bulk liquids. The Odfjell fleet comprises of approx. 90 ships, which trade both globally and regionally. The tank terminal division consists of five tank terminals and is part of a network of another 10 tank terminals partly owned by related parties. The tank terminals are strategically located at selected international shipping hubs. The Odfjell Group's headquarters are in Bergen, Norway, and the Group has offices in 14 locations around the world. Odfjell employs around 2300 staff and posted annual gross revenue of USD 1038 million in 2021. Read more on Odfjell.com.

Odfjell press release