Slide 1: Preliminary full-year/4Q24 results
Preliminary full-year/4Q24 results Presentation by CEO Harald Fotland and CFO Terje Iversen 7 February 2025
Slide 2: Index
Index Highlights Financials Operational review Market update and prospects
Slide 3: Quarterly highlights
Quarterly highlights Key figures USD million, unaudited 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 Time charter earnings 194.7 214.8 202.1 183.1 181.7 794.7 Highlights - 4Q24 Total opex, TC, G&A (71.1) (70.5) (72.8) (74.8) (75.4) (289.2) ▪ The strong performance on safety continues with high operational efficien
Slide 4: Index
Index 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 5: Income statement, Odfjell Group
Income statement, Odfjell Group Developments and key take-aways Income statement A. TCE of USD 183 mill, a decrease of USD 19 mill compared to 3Q24 USD million, unaudited 2Q24 3Q24 4Q24 A i. Reduced spot cargos resulted in lower volume for the quarter, while achieved Net Timecharter Earnings (TCE) 2
Slide 6: TCE per day declined, and cash break-even increased somewhat during the quarter
TCE per day declined, and cash break-even increased somewhat during the quarter Odfjell tankers break-even vs. TCE per day USD/day 38,000 TCE/day 36,000 Break-even target ▪ Our TCE per day ended at USD 30,744 in 4Q24, down from Cash break-even/day (12m rolling avg.) USD 33,906 in previous quarter. 3
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 2Q24 3Q24 4Q24 A Ships and newbuilding contracts 1,256.4 1,238.5 1,253.5 Developments and key take-aways B Right of use assets 293.6 307.0 385.4 A. During the quarter we purchased the 40k operational lease vessel Bow Aquarius Investment in a
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Developments and key take-aways Cash flow A. Operating cash flow was USD 89.5 mill in 4Q24, a decrease from USD 117.6 mill in USD million, unaudited 2Q24 3Q24 4Q24 3Q24 mainly due to lower TCE in the quarter. Net result 88.2 71.3 50.5 B. Acquired Bow Aquarius previously on b
Slide 9: The fourth quarter concluded a year of record strong cash flow
The fourth quarter concluded a year of record strong cash flow Odfjell free cash flow per quarter Cash flow from Cash flow from Free cash flow Free Cash flow after operations investments (12mo rolling) debt right of use assets (12mo rolling) USD 66 45 72 74 76 42 107 93 64 82 91 116 44 ▪ Operating c
Slide 10: Several financing transactions in the coming quarter with repayment of bond
Several financing transactions in the coming quarter with repayment of bond and execution of favorable purchase options 120 120 Bond Loan instalments 100 Balloons Lease capital repayments ▪ As of year-end 2024, nominal interest- bearing debt stood at USD 745 mill, 80 expected to remain stable throug
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options ▪ During 4Q24 we declared purchase option for three vessel currently on USD million, 1H25 2H25 2026 2027 Total operational lease to Odfjell. Total declared purchase options for operational Declared purchase options 88.8 35.5 35.5 159.8 lease ve
Slide 12: Index
Index 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Rates declined further in 4Q24, yet remain above historical average
Rates declined further in 4Q24, yet remain above historical average Elevated competition from swing tonnage still affects chemical tanker trades Odfix vs. Clarksons Chemical Tanker Spot Index CPP on large crude tankers, 2023-2025ytd (3wma) 1,000mt per week 230 -10.7% 700 220 ODFIX index 4Q24 650 210
Slide 14: Significant COA renewal activity in 4Q24, confirming firm fundamentals
Significant COA renewal activity in 4Q24, confirming firm fundamentals despite softer spot market ▪ Odfjell renewed ~45% of expected annual COA volumes during the quarter. Despite softer spot markets, contracts were on aggregate renewed at healthy rate increases ▪ Total volumes fell during 4Q24, whe
Slide 15: Odfjell further reduced its carbon intensity in 2024
Odfjell further reduced its carbon intensity in 2024 Odfjell carbon intensity (CII) -52.7% 15.0 ▪ Odfjell achieved an all-time low Annual Efficiency Ratio 15 (AER) of 7.1 in 2024 due to continued operational and technical improvements, representing a 0.7% improvement compared to 2023. ▪ In 4Q24, the
Slide 16: Tank Terminals
Tank Terminals Total capacity at Odfjell Terminals (1,000 cbm) Existing capacity Cap. added in 2024 Capacity under construction Performance 600 ▪ Our terminals continue to perform well, maintaining an average commercial occupancy 500 40 rate of 95.2% in 4Q24. 412 400 32 ▪ EBITDA for 4Q24 at USD 11.2
Slide 17: Index
Index 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 18: Rates remain high in a historical context, but lower than recent peaks
Rates remain high in a historical context, but lower than recent peaks MR earnings – Atlantic and Pacific Chemical freight rates - West of Suez Chemical freight rates – East of Suez (1,000 USD/day, 2-week moving average) (USD/mt) (USD/mt) 70 240 240 4Q 4Q 4Q 65 Atlantic Basket 220 USG-Far East Europ
Slide 19: Have we seen the peak of swing tonnage for now?
Have we seen the peak of swing tonnage for now? Estimated swing tonnage has stabilized over the last three months, but we are yet to see significant improvement Mill. tons Seaborne chemical volume lifted on core chemical tankers and product tankers Percent of product seaborne chem/veg tankers liftin
Slide 20: Supply outlook remains balanced despite recent orders
Supply outlook remains balanced despite recent orders Newbuilding orders seem to have slowed lately, and yard capacity is limited with deliveries stretching into 2028+ Fleet and orderbook Deliveries per year (core, deep-sea) DWT mill. DWT mill. 16% Core, deep-sea of orderbook 40 1.8 Orderbook Delive
Slide 21: Market stabilizing at current levels with supportive fundamentals
Market stabilizing at current levels with supportive fundamentals but several factors affecting the near-term outlook External factors’ impact going forward Macroeconomic ▪ Geopolitical instability is significant – in multiple locations ▪ Total seaborne chemical and vegoil volumes grew steadily in 2
Slide 22: Summary
Summary Our results ▪ Another solid performance in 4Q24, rounding of a year were Odfjell delivered its best financial result ever. ▪ Time charter earnings declined in 4Q24 as spot rates continued the negative trend since peak levels in 2Q24. Odfjell Tankers ▪ Some reduction in volumes related to inc
Slide 23: Contact
Contact Investor Relations Nils Jørgen Selvik | Tel: +47 920 39 718 | E-mail: nils.jorgen.selvik@odfjell.com Media Anngun Dybsland | Tel: +47 415 48 854 | E-mail: media@odfjell.com ODFJELL SE | Conrad Mohrs veg 29 | P.O. Box 6101 | 5892 Bergen | Norway Tel: +47 55 27 00 00 | E-mail: mail@odfjell.com