Odfjell SE (STU:O7F)

€ 9.1 -0.13 (-1.41%) Market Cap: 713.27 Mil Enterprise Value: 1.58 Bil PE Ratio: 3.05 PB Ratio: 0.95 GF Score: 62/100

Q2 2023 Odfjell SE Earnings Call Transcript

Aug 17, 2023 / 07:00AM GMT

Release Date Price: €8.06 (+0.50%)

Transcript

Harald Fotland

Odfjell SE - CEO

Good morning, everybody, and welcome to Odfjell's presentation of our second quarter and first half 2023 results. This presentation follows a standard agenda. I will present the highlights. My colleague, our CFO, Terje Iversen, will present the financials, and I will then continue with an operational review. And we will conclude this presentation with a market update and prospects for the coming quarter.

And then to the highlights. We delivered a robust and profitable quarter, record strong, and this came at the back of a very profitable and robust contract portfolio. Our time charter earnings for the second quarter ended at USD 185 million, and this compares to USD 181 million in the previous quarter. The EBIT was USD 79 million, and this compares to $68 million in the first quarter.

We had a record strong net result of USD 53 million. And corrected for one-off items, the $53 million compares to $46 million in the first quarter. The rates on renewed contracts were up 8% on average, but we were only renewing approximately 9% of our estimated total

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