Odfjell (ODF) CMD 2025 Presentation summary

Company highlights and strategy

• Celebrated 110th anniversary, achieved record-low AER of 7.1, and no serious safety incidents in 2024.

• Historic TCE/day of ~$33,500 and FID for major terminal expansion in Ulsan.

• Strategy focuses on safety, core chemical tanker and terminal business, positive cash flow, and sustainability.

• Long-term goals include industry-leading safety, robust terminal growth, and attracting top talent.

Market outlook and demand drivers

• Global chemical cargo volumes and demand for chemical tankers are projected to grow by 5% through 2028.

• Geopolitical events, tariffs, and U.S. port fees are key market drivers; Red Sea disruptions and Russia/Ukraine war impact trade flows.

• U.S. tariffs have increased uncertainty, but Odfjell's global footprint limits direct exposure to U.S.-China trade.

• Chemical tanker spot rates remain above historical averages despite recent declines.

Financial performance and capital structure

• Substantial improvement in financial position due to strong earnings and capital discipline.

• Total debt reduced by over $500m since 2020; over $300m paid in dividends.

• Equity ratio improved from 26% to 44% (2020–1Q25); LTV reduced from 65% to 44%.

• Odfjell issued a NOK 1 billion bond at record-tight credit margin, further optimizing capital structure.

• NAV per share estimated at NOK 186, with market cap below book value.