2025: Safe and resilient performance in a volatile market

Safety in all we do

Safety is always our number one priority. Today, it extends beyond traditional maritime risks to include digital and geopolitical threats, corruption and piracy exposure, and overall operational resilience.

In 2025, safety was once again one of our strongest performance areas – as it should be. We recorded zero significant incidents, a result of rigorous processes and a safety culture lived every day by our people at sea and ashore.

Managing geopolitical risk

The geopolitical tensions continue, and it seems we are moving away from a rule-based world. This affects us as a global operator. In 2025, the ongoing war in Ukraine, tensions in the Red Sea, and instability in the Arabian Gulf disrupted trade routes and increased risk.

The tensions continue in 2026 with the conflict in the Middle East, resulting in a closed Hormuz Strait. These developments represent a material escalation in geopolitical risk with potential operational and financial implications, reinforcing the importance of disciplined decision‑making and risk management.

As this report is published, we have one owned and three time chartered ships inside the Persian Gulf. We will not send any ships through the Strait of Hormuz until the security situation improves.

Building a fleet for the future

Every four hours, an Odfjell vessel arrives at a port. Our strategy is clear: Odfjell will remain a leading provider of deep-sea chemical transportation and storage, today and tomorrow.

We continue to strengthen our flexible business model by investing in energy-efficient Japanese newbuildings, while phasing out older tonnage through time charter expiries and responsible recycling.

Advancing deep-sea decarbonization

Odfjell's decarbonization journey continues at full speed, despite global political headwinds. Our approach is practical, data-driven, and aligned with our ambition to enable lower‑carbon chemical logistics worldwide.

• In 2025, we improved carbon intensity by 4.2%, extending our multi-year reduction trend.

• We continued implementing novel technologies and demonstrated, through a transatlantic voyage, that pairing suction sails with biofuel can accelerate the transition to net-zero emissions – already today.

• We also took another pilot step by establishing the first operational green corridor between Brazil and Europe, with strong support from regulators, ports, and biofuel producers.

Stable performance and capacity expansions at Odfjell Terminals

Our terminals portfolio in the U.S., Korea, and Belgium remains strategically important to the Odfjell platform. The financial performance was robust throughout 2025, with a laser focus on safety performance and operational excellence. In parallel, accretive capacity expansions progressed as planned, strengthening our services in key shipping hubs.

Our people – the foundation of our performance

Our people are the defining element of Odfjell’s success. A changing workforce, including a new generation with new expectations, is reshaping the work environment ashore and on board. This adds valuable perspectives and reinforces our commitment to inclusion and diversity, retention and renewal, competence and well-being.