Investor - Press release Odfjell SE 3Q21 results Odfjell SE today reported its results for the third quarter of 2021. The report shows a stable result with a strong market in the eastern hemisphere, but challenging market in the west. Highlights for 3Q21 Timecharter earnings in Odfjell Tankers of USD 125 million compared to USD 123 million in 2Q21 Net result contribution from Odfjell Terminals of USD 1 million, in line with previous quarter Impairment of USD 21 million related to sale agreement of Odfjell’s last remaining short-sea regional vessels in Asia EBIT of USD -7 million compared to USD 11 million in 2Q21 Net result of USD -25 million compared to USD -8 million in 2Q21 Adjusted for one-offs, a 3Q21 net result of USD -4 million compared to adjusted net result of USD -10 million in the previous quarter The COA renewal season is commencing. In 3Q21, Odfjell only renewed a minor part of its portfolio, but at an average rate increase of 5% Subsequent events Concluded the sale of the two Ethylene/LPG carriers to BW EPIC Kosan Ltd with proceeds received partly in cash and partly in freely transferable shares Entered into a sales agreement for the sale of three short-sea vessels. This sale marks the exit of Odfjell's presence in the short-sea trade in Asia Distribution of USD 6 million from The Norwegian Shipowners’s Mutual War Risks Insurance Association to be booked in the 4Q21 results “The chemical tanker market was strong in the eastern hemisphere, but continued supply disruptions in the west (in particular the US) remain a challenge. Fundamental demand is high, which supports our positive outlook. The exit from Gas and from the short-sea trade in Asia concludes the streamlining of our deep-sea platform. There are signs of improvements in our markets, but it will take time for a recovery to materialize and we therefore expect the underlying results in 4Q21 to be in line with 3Q21.” CEO Kristian Mørch Tomorrow, Thursday November 4 at 08:00 CET, Odfjell SE will present the results at Felix Conference Center in Oslo, meeting room ‘Lancing’. The presentation will be held in English and can also be followed online at Odfjell.com. 3Q21 Report 3Q21 Presentation Webcast First published 03.11.2021 SHARE SHARE SHARE Related stories Investor - Press release Odfjell SE completes exit from gas carrier segment On August 16, 2021, Odfjell Gas Shipowning AS, a subsidiary 100% owned by Odfjell SE, entered into a transaction agreement with BW Epic Kosan Ltd. (BWEK) for the sale of... Read more Investor - Press release Sale of last short-sea vessels Odfjell SE has entered into a sales agreement for the last three 9,000 dwt short -sea vessels that have operated in the company's regional trade in Asia. Read more Investor - Press release Odfjell SE 2Q21 results Slightly improved results as the chemical tanker market remained challenging. Read more Tankers Odfjell Tankers Odfjell Ship Management Our ships Our fleet Terminals Houston, USA Charleston, USA Nangang, China Ulsan, Korea Associated terminals Noord Natie, Belgium Investors Reports and Presentations Share information Press releases General Meetings Bonds Webcast Career The Odfjell culture People & Careers Seafarers & Competence Development Vacancies About Our business Navigating by the Odfjell Compass Safety Corporate Policies Corporate Governance Sustainability Our organization Executive Management Board of Directors Our companies Our history Media Contact us Offices Odfjell Tankers Odfjell Terminals Ship Management Investor Relations Media Report a concern Privacy & data Cookies Employee login Insite Ship Management Portal