Odfjell has delivered a stronger second quarter, with higher earnings and a sharply improved net result, while geopolitical tensions in the Middle East continue to reshape the company's operations.
Time charter earnings rose to USD 195 million in Q2 26, up from USD 167 million in Q1 26. Time charter equivalent (TCE) earnings increased to USD 29,486 per day from USD 27,232, driven by stronger spot markets early in the quarter.
EBIT climbed to USD 69 million from USD 46 million, while net result jumped to USD 54 million, compared with USD 32 million in the previous quarter. Adjusted net result more than doubled to USD 56 million from USD 26 million.
Odfjell said its safety performance remained strong. All four Odfjell-operated vessels that had been in the Middle East Gulf have now safely left the region, and the company is currently not considering transits through the Strait of Hormuz.
"The geopolitical situation remains highly unpredictable. 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 26 to be lower and closer to the level reported in Q1 26," said CEO Harald Fotland.
Despite operational inefficiencies caused by the Middle East conflict, Odfjell also improved the carbon intensity of its controlled fleet. AER fell to 6.9 in Q2 26 from 7.0 in the previous quarter.
The company continued to reshape its fleet during the quarter, taking delivery of two newbuildings on long-term time charter and selling one vessel for sustainable recycling. It also signed agreements to purchase four super-segregators to be built at Kitanihon shipyard in Japan.
Odfjell Terminals contributed USD 1.8 million to the net result, down from USD 2.3 million in Q1 26.
The stronger first-half performance also supported a dividend of USD 0.52 per share, approved by the Board based on adjusted H1 26 results. The payout follows Odfjell's policy of distributing 50% of semi-annual net result, adjusted for one-off items.
But the company is tempering its outlook after the strong quarter, warning that weaker global volumes and tougher competition are likely to weigh on results in Q3 26.
