Q3 2024 Odfjell SE Earnings Call Transcript
Key Points
- Odfjell SE (STU:O7F) delivered the second-best quarterly result in its history with a net result of USD71 million.
- The company achieved a 7% increase in contract rates, marking the 14th consecutive quarter of rate increases.
- Odfjell SE maintained a strong safety performance with no significant incidents reported during the quarter.
- The company successfully took delivery of a new vessel on long-term time charter, expanding its fleet.
- Odfjell Terminals maintained a high occupancy rate of 95% and stable financial performance.
- Time-charter earnings decreased to USD212 million, down from USD215 million in the previous quarter.
- Operating expenses increased by USD2.7 million, reaching USD53.7 million, due to the absence of positive one-offs from the previous quarter.
- The spot market showed signs of weakening, impacting the company's earnings outlook for the fourth quarter.
- The company's carbon intensity, AER, increased slightly to 7.2 due to seasonal effects.
- Geopolitical tensions and macroeconomic uncertainties, particularly in China and Europe, pose risks to market stability.
Good morning everybody and welcome to this presentation of Odfjell's third quarter results. This presentation will follow a traditional pattern. I will start and take you through the highlights. My colleague, Terje Iversen, will take you through our financial performance. And then I will conclude this presentation with an operational review, market update and prospects going forward.
If we then turn to the highlights, we delivered another very strong third quarter result despite a slightly softening spot market. We had a strong safety performance and we had no significant incidents during the quarter. Our time-charter earnings in Odfjell Tankers ended at USD212 million. This is USD13 million below the second quarter, which was a record of USD215 million. We delivered an EBIT of USD91 million, and this compares to USD107 million in the second quarter.
We had a very strong quarterly net result of USD71 million, and this net result, adjusted for one of items, remained at USD71 million, compared to USD88 million in the second quarter. And
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