Presentation

Odfjell SE is one of the world leaders within seaborne transportation and storage of chemicals and other specialty bulk liquids. The company headquartered in Bergen, Norway, and has 17 different offices around the world. Its shares are listed on the Oslo Stock Exchange, with a current market capitalization of USD 200m and net debt of USD 1.3bn as of Q2’20. Odfjell SE has a long history but today its two main business divisions are chemical tankers and terminals.

Odfjell operates 81 ships, of these, 34 are owned, 15 time-chartered in, 13 are leased, seven are chartered on bareboat contracts and twelve are pool managed. In addition, the company has one leased vessel under construction with expected delivery in H2’20. Odfjell’s other division, Terminals, comprises ownership stakes in five terminals with total storage capacity of 1.3m cbm. These terminals are located in Antwerp, Ulsan, Tianjin, Houston and Charleston.

The company had a strong Q2, where lower COA coverage allowed it to take advantage of a strong market. COA coverage has since increased and Odfjell expects to stay around 50% for Q3. Covid-19 has only had a limited negative financial impact on the company’s operations and 2020 is shaping up to be quite a profitable year for Odfjell’s underlying business.