Q2 2024 Odfjell SE Earnings Call Transcript
Key Points
- Odfjell SE (FRA:O7F1) reported a record quarterly net result of USD 88 million, adjusted for one-off items, compared to USD 69 million in the first quarter.
- The company saw an increase in time charter earnings to USD 215 million, up USD 20 million from the first quarter.
- Safety performance remains strong with all safety-related KPIs well within target and no serious incidents during the quarter.
- The Board approved a dividend of USD 1 per share based on adjusted first half results.
- Odfjell SE (FRA:O7F1) has a solid balance sheet with an equity ratio of 51% and available cash of USD 231 million, including undrawn loan facilities.
- Operating expenses increased slightly from USD 49.1 million to USD 51 million due to higher insurance costs.
- Net result contribution from Odfjell Tankers Terminals decreased to USD 2.9 million from USD 3.2 million in the previous quarter.
- The company experienced a slight decrease in activity levels at its Houston terminal.
- The carbon intensity reduction was marginal, moving from 7.1 to 7.05.
- The company anticipates that the next quarter will be strong but slightly lower than the record results of the current quarter.
(spoken in foreign language)
Thank you very much, Helga. As you said, we are today presenting for a live audience at Scandic Hotel close to Flesland Airport and we will go through our quarterly and half yearly results. For those following us on the webcast, unfortunately, you will not be able to ask questions directly during this presentation due to the live presentation, but you are more than welcome to direct any questions you might have to my colleague, Nils Jørgen Selvik, our Finance Director.
This presentation will follow a very traditional pattern. I will go through the highlights and then my colleague and CFO, Terje Iversen, will take you through the financials and I will conclude the presentation with an update on operations and our markets.
So if we then switch to the highlights. I'm extremely pleased to inform you that once again, actually the third time, we are now presenting a record quarter for Odfjell at elevated levels. And with freight rate increases compared to our last
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