Norway's Odfjell Q2 profit jumps sequentially on fleet growth, stronger rates
Norway's Odfjell Q2 profit jumps sequentially on fleet growth, stronger rates
Overview
Norway chemical tanker operator's Q2 net income rose sharply from prior quarter
Q2 EBIT increased to $69 mln, driven by higher earnings and fleet capacity
Company declared $0.52/share dividend based on adjusted 1H26 results
Outlook
Odfjell expects 3Q26 underlying net result to be lower, closer to 1Q26 level
Company says strong competition and reduced global volumes create a more challenging environment
Odfjell says geopolitical situation remains highly unpredictable
Result Drivers
STRONGER SPOT MARKET - Co said higher time charter earnings and TCE per day reflected firmer spot market early in Q2
FLEET EXPANSION - Co took delivery of two newbuildings and signed agreements to purchase four super-segregators in Q2
OPERATIONAL EFFICIENCIES - Co improved carbon intensity despite operational inefficiencies caused by conflict in Middle East Gulf
Company press release: ID:nMFN8qq976
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Income |
| $54 mln |
|
Q2 EBIT |
| $69 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy."
Wall Street's median 12-month price target for Odfjell SE is NOK120.00, about 6.8% above its August 20 closing price of NOK112.40
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago
Reuters Recommended Reads
Aug 20 - Norway's Odfjell Technology Q2 EBITDA rises 19% on acquisitions
Aug 18 - Norway's Odfjell Drilling Q2 profit aided by insurance proceeds
Aug 20 - Greece's Navios Maritime Q2 revenue beats estimates on higher time charter equivalent rates
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)