Record quarter for stock market gainer – E24

Record quarter for stock market gainer – E24

Odfjell's management expects further earnings growth in the current quarter.

Published:

OdvigilOdvigilChemical shipping company listed on Oslo Børs. Served on Tuesday evening Numbers For the first three months of the year, which shows growth compared to the same period last year.

  • The after-tax result ended up being $68 million versus $47 million.
  • Aircraft rental revenues amounted to $195 million, compared to $181 million.
  • The operating result (EBITDA) was $127 million compared to $110 million.

SEB analyst John Nicolai Skaland highlights in a note that Odfjell has exceeded market expectations. He writes that this was indeed “high.”

SEB expects analysts' earnings estimates to rise in the wake of the report, it seems. The finish is referred to as “solid”.

– register

– Odfjell achieved a record result in the first quarter of 2024. This reflects the tight market situation due to an increase Tons milesTons milesA unit of measurement used to measure the amount of goods transported and the distance they travel.-Demand, we also continued to raise interest rates this spring Certificate of AuthenticationCertificate of AuthenticationContractual shipping rates. Stands for lease.wallet, says CEO Harald Futland.

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– This, in combination with a professional and dedicated organisation, provides a solid foundation for future results.

In the company's own guidance, it was emphasized that management “expects earnings to increase further” in the second quarter.

– We expect to see an increase in rates and profits in the future, in line with Odfjell's guidance, Skåland comments at SEB.

Vessel TCE averaged $33,005 per day in the first quarter, up from $30,818 in the same period last year.

Read on E24+

– We look forward to wonderful years to come

Stock market winner

Odfjell has risen sharply on the stock market this year. The A share is up 58 percent since the beginning of the year.

SEB wrote in an analysis from April that they “expect great years ahead.”

The development and outlook are driven by a strong market for clean petroleum products, longer sailing distances and limited fleet growth.

Some of this is due to the situation in the Red Sea, where ships have to sail a longer route around Africa because of the attacks. The Panama Canal is also characterized by delays due to drought.

Even if the situation in the Red Sea and Panama is resolved immediately, the outlook for the chemical tanker market is favorable with a small number of ships ordered for delivery in the short term, Odfjell management confirmed on Tuesday.

Dalila Awolowo

Dalila Awolowo

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