Odfjell SE today reported its results for the second quarter of 2026, showing a significantly higher financial result than in the previous quarter. Higher earnings and increased fleet capacity were the key drivers behind the strong performance, according to the company's 2Q26 report. Headquartered in Bergen, Norway, and listed on the Oslo Stock Exchange, Odfjell is one of the world's largest owners and operators of chemical tankers, the specialized vessels that carry chemicals and related liquid cargoes in global trade, and its results provide an indication of conditions across the chemical shipping segment.

Financial Highlights

Time charter earnings ended at USD 195 million, compared with USD 167 million in 1Q26. Time charter equivalent (TCE) per day for the quarter was USD 29,486 versus USD 27,232 in 1Q26, reflecting stronger spot markets early in the quarter. TCE is a standard earnings measure in shipping, expressing average daily revenue after voyage costs and enabling comparison across vessels and market periods.

EBIT came to USD 69 million, up from USD 46 million in 1Q26. The net result reached USD 54 million in 2Q26, compared with USD 32 million the previous quarter, while the adjusted net result amounted to USD 56 million, against USD 26 million in 1Q26.

Odfjell Terminals, the group's tank terminal and storage business, contributed a net result of USD 1.8 million, down from USD 2.3 million in the first quarter.

Safety and Operations

Odfjell's strong safety performance continued in 2Q26. The four Odfjell-operated vessels previously in the Middle East Gulf have all safely left the region, and at present the company is not considering transits through the Strait of Hormuz, one of the world's most important chokepoints for tanker traffic.

Carbon intensity (AER) for the controlled fleet improved to 6.9 in 2Q26 from 7.0 in the previous quarter, despite continued operational inefficiencies caused by the conflict in the Middle East Gulf. AER, or Annual Efficiency Ratio, is a widely used carbon-intensity metric for ships, with lower values indicating better energy efficiency.

Fleet Developments

Odfjell took delivery of two newbuildings on long-term time charter in 2Q26 and sold one vessel for sustainable recycling. During the quarter, agreements were also signed to purchase four super-segregators to be constructed at the Kitanihon shipyard in Japan. Super-segregators are chemical carriers fitted with a large number of segregated cargo tanks, allowing several different chemical parcels to be carried on the same voyage.

Dividend

The Board approved a dividend of USD 0.52 per share, based on adjusted 1H26 results, in accordance with Odfjell's dividend policy to distribute 50% of the net result on a semi-annual basis, adjusted for one-off items.

CEO Commentary

"The geopolitical situation remains highly unpredictable. I am relieved that all our operated vessels have now safely left the Middle East Gulf, and appreciate our competent team who ensured the safety of crews and ships before and during their transits. We captured the firm spot market during the second quarter, while strong competition and reduced global volumes currently make up a more challenging environment. Following a strong second quarter, we expect the underlying net result in 3Q26 to be lower and closer to the level reported in 1Q26," said CEO Harald Fotland.

Source: Odfjell