Odfjell concludes a record year for the company

Odfjell delivered a record strong net result of $203 million (€188 million) – leading to a total dividend FY2023 of $99 million (€91 million).

The COA portfolio was further strengthened, providing a solid foundation for all Odfjell’s trades and reducing earnings volatility going forward.

The time charter earnings in Odfjell Tankers ended at $182 million (€168 million) compared to $184 million (€170 million) in the third quarter of last year.
“Our solid performance continued in the fourth quarter of 2023, rounding off a record year for Odfjell.

“Our main concern will always be the safety of our people. Since early December, we have not been sailing through the Red Sea.

“The market balance is tight, and added inefficiencies from the restrictions in the Panama and Suez canals will likely contribute to even higher fleet utilisation. In sum, we expect our earnings to increase slightly in Q1 this year,” said CEO Harald Fotland.