Odfjell has reported its results for the first quarter of 2025, showing what it said is a resilient financial result despite the increased market uncertainty.
The company said its safety performance continued with high operational efficiency and no significant incidents during the quarter.
Time charter earnings (TCE) ended at US$168 million, compared to US$183 million in Q4 2024. TCE/day for the quarter was US$29,556, down four per cent compared to US$30,744 in Q4 2024.
The company posted gross profit of US$54 million compared to US$68 million in Q4 2024 as well as a quarterly net result of US$34 million. The net result adjusted for one-off items was at US$33 million, compared to US$53 million in Q4 2024.
The net result contribution from Odfjell Terminals was US$2.9 million, slightly up from Q4 2024.
Odfjell also concluded contracts for two additional newbuildings to be delivered on long-term time charters in 2027 and 2028, respectively. This brings Odfjell’s total vessel orderbook to 20 ships, of which 18 are on long-term time charters.
"Despite heightened market uncertainty following the initial U.S. announcement of trade tariffs, Odfjell delivered a resilient financial result for Q1 2025," said Odfjell CEO Harald Fotland. "We expect our Q2 2025 financial results to be in line with, or slightly better than Q1 2025; however, we are closely monitoring the uncertain market situation."