Odfjell (ODF) Q1 2026 earnings summary

Executive summary

• Net result for 1Q26 was USD 32 million, down from USD 38 million in 4Q25; adjusted net result was USD 26 million, reflecting a USD 4.8 million capital gain from asset sales.

• Time charter earnings were USD 167 million, slightly down from USD 168 million in 4Q25, with per day earnings at USD 27,232.

• Safety performance remained strong despite increased geopolitical risks, with all crew safe on vessels in the Strait of Hormuz.

• Operational review highlighted a decline in contract volumes due to Middle East disruptions, offset by record spot volumes.

• CEO expects underlying net result in 2Q26 to be higher than in 1Q26.

Financial highlights

• EBIT was USD 46 million, down from USD 53 million in 4Q25.

• EBITDA was USD 81 million, down from USD 89 million in 4Q25.

• Operating expenses increased to USD 53.4 million, up from USD 50.2 million, due to technical one-offs and fleet expansion.

• Free cash flow was USD 28 million, down from USD 68 million in 4Q25.

• EPS was USD 0.41, down from USD 0.48 in 4Q25.

Outlook and guidance

• Underlying net result in 2Q26 is expected to be higher than in 1Q26.

• April and May performance anticipated to be better than Q1 average, with June in line with May; overall Q2 results expected to be higher barring unforeseen events.

• Terminal performance expected to remain stable, but geopolitical risks may impact activity and financials.

• Anticipate a decline in seaborne chemical exports in Q2 due to product availability and cost.

• Projected cash break-even to average USD 22,200 per day through 2026.