Odfjell has reported its financial results for the three months ended June 30, 2026.
The company said it achieved a significantly higher financial result than in the previous quarter, with higher earnings and increased fleet capacity as the key drivers behind the strong financial performance.
The our Odfjell-operated vessels previously in the Middle East have all safely left the region. At present, Odfjell is not considering transits through the Strait of Hormuz.
Time charter earnings (TCE) ended at US$195 million, compared to US$167 million in Q1 2026. TCE per day for the quarter was US$29,486 versus US$27,232 in Q1 2026, reflecting stronger spot markets early in the quarter.
Odfjell posted an operating income of US$69 million in Q2 2026, compared to US$46 million in the preceding quarter, while the net result contribution from Odfjell Terminals reached US$1.8 million, versus US$2.3 million in Q1 2026.
Net income totalled US$54 million in Q2 2026, compared to US$32 million in the previous quarter. Adjusted net income amounted to US$56 million, compared to US$26 million in Q1 2026.
"The geopolitical situation remains highly unpredictable, " said Odfjell CEO Harald Fotland. "I am relieved that all our operated vessels have now safely left the Middle East Gulf, and appreciate our competent team who ensured the safety of crews and ships before and during their transits.
"We captured the firm spot market during the second quarter, while strong competition and reduced global volumes currently make up a more challenging environment. Following a strong second quarter, we expect the underlying net result in Q3 2026 to be lower and closer to the level reported in Q1 2026."
