Norway's Odfjell Q3 EBIT falls on softer markets

Overview

• Norway chemical tanker operator's Q3 EBIT declined from prior quarter

• Company deployed three additional vessels during the quarter

• Softer spot markets weighed on time charter earnings and TCE per day

Outlook

• Odfjell expects underlying net result in 4Q26 to be somewhat lower than in 3Q26

• Company says global seaborne chemical volumes remain below pre-conflict levels

• Company notes regular trading patterns continue to be disrupted

Result Drivers

• SOFTER SPOT MARKETS - Time charter earnings and TCE per day declined due to weaker spot market conditions

• VESSEL DEPLOYMENT - Co deployed three new vessels during the quarter

• VEGOIL AND BIOFUEL VOLUMES - Co said vegoil and biofuel volumes compensated for lower global seaborne chemical volumes

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for Odfjell SE is NOK134.50, about 13.6% above its November 4 closing price of NOK118.40

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads

• Nov 3 - Norway's Odfjell Technology Q3 results boosted by well services unit

• Nov 4 - Denmark's Torm Q3 profit jumps on higher time charter equivalent rates

• Nov 3 - Ardmore Shipping Q3 revenue beats estimates on higher spot charter rates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)