Odfjell SE

F:O7F

Profit growth: Net result rose to USD 54 million from USD 32 million in the previous quarter, while adjusted net result increased to USD 56 million from USD 26 million.

Higher earnings: Time charter earnings increased to USD 195 million, helped by stronger spot rates, more commercial revenue days and lower off-hire days.

Market support: Freight rates remained attractive because Middle East disruptions reduced volumes but increased sailing distances and overall ton-mile demand.

Near-term outlook: Spot markets have softened from their peak, and management expects next quarter’s underlying net result to be lower and closer to the first-quarter level.

Fleet growth: Odfjell took delivery of two vessels on long-term charters, sold one vessel for recycling and ordered four 40,000-deadweight-ton super-segregators in Japan.

Geopolitical risk: Odfjell’s vessels have left the Middle East Gulf safely, but the company is not currently considering transits through the Strait of Hormuz; unrest is also elevated around the Red Sea, Black Sea, Eastern Mediterranean and Somalia.

Shareholder return: The Board approved a dividend of USD 0.52 per share based on adjusted first-half results.