Norwegian shipowner Odfjell SE said the most favorable market development in the second quarter was the absence of new orders for core chemical tankers, which limited fleet expansion as spot rates eased.
Chief executive Harald Fotland said during the company’s second-quarter earnings call: “And right now the order book is in total approximately 20% of the sailing fleet and Odfjell has 14% of that order book.”
Odfjell reported time-charter earnings of USD 174 million for the quarter, compared with USD 168 million in the first quarter.
Average time-charter equivalent earnings reached USD 30,306 per day. Earnings before interest and taxes amounted to USD 59 million, while net profit came to USD 40 million. Based on first-half results, the board approved a dividend of USD 0.48 per share.
The company also reported operational progress, stating that carbon intensity, measured as AER, fell to 6.8 in the second quarter, marking a new low in its reporting history.
Odfjell SE is a publicly listed company incorporated in Norway and headquartered in Bergen. It owns and operates chemical tankers and is engaged in tank terminal activities worldwide.