Odfjell SE (ODJBF) Q2 2026 Earnings Call Transcript

Harald Fotland
Chief Executive Officer

Good morning to all of you, and welcome to Odfjell’s presentation of our second quarter results. We will follow an agenda, which should be well known to all of you. I will take you through the highlights, and then my colleague, Terje Iversen, will present our financial performance. And finally, I will conclude this presentation with an operational review, market update and the prospects going forward.

So if we then turn to the highlights, we start with safety. We have seen a very volatile environment this quarter, but I’m still very satisfied to report that our strong safety performance continued throughout the quarter. I’m equally happy to say that our 4 Odfjell vessels that were trapped inside the Middle East Gulf have all safely left the region. And this is due to a fantastic cooperation between the people on board our ships and also onshore on different locations. We are presently not considering to send vessels through the Strait of Hormuz.

If we then turn to our financial performance, we delivered time charter earnings of USD 195 million. This is up from USD 167 million in the previous quarter. Our average time charter earnings per day was USD 29,486. This is also up from USD 27,232 in the first quarter. And this reflects the stronger spot market that we have observed during the quarter. Our EBIT was USD 69 million. This compares to USD 46 million. The net result contribution from Odfjell Terminals was USD 1.8 million, which compares to USD 2.3 million in the previous quarter.

And summarized, this concludes a net result of USD 54 million in