Business & outlook

Around 96% of manufactured products globally rely on chemicals. Odfjell’s core business is the safe transportation and storage of these essential resources, on board our ships and at our terminals.

We have ownership in four strategically located tank terminals in the USA, Belgium, and Korea, offering 480 tanks with a total capacity of 1.3 million cubic meters.

At sea, our fleet of 70 advanced chemical tankers transports more than 13 million tons of cargo annually, making over 2,400 port calls and covering a distance equivalent to 186 trips around the equator.

Odfjell Tankers &
Ship Management

Odfjell is a fully integrated logistics provider, serving chemical producers, oil majors, and traders worldwide. Odfjell Tankers and Ship Management are central to our operations, combining commercial, technical, and operational excellence. Our performance relies on the condition of our vessels and the expertise of our people, at sea and ashore, ensuring safe and efficient operations.

Strong results despite softer markets and geopolitical impact

Odfjell delivered strong results in 2025, though a softer spot market led to lower earnings compared to the record levels of the year before. Geopolitics had a significant impact on shipping markets in 2025, a development expected to continue in 2026. Nevertheless, we are proud to have performed well with regard to safety, operational efficiency, and commercial effectiveness.

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Fleet distribution

Vessel type	Ownership type
32 supersegregators	38 owned
8 large stainless steel	7 leased
22 medium stainless steel	19 time charter
7 coated	3 bareboat
2 regional	3 pool

Odfjell Tankers

Odfjell's worldwide chartering and operations organization

In charge of sales, customer relations, contract management and commercial operations

Works closely with Odfjell's wholly owned subsidiary, Flumar, which covers the intra-regional South American markets

Operates a total fleet of 70 vessels as of December 31, 2025

Headquartered in Bergen, Norway

Odfjell Ship Management

One of Europe's largest and most complete teams for ship management

Technical operator of 38 Odfjell vessels as of December 31, 2025

Ensures safe and efficient operations of the vessels in compliance with governing rules and regulations

Monitors fleet emissions and develops decarbonization projects targeting both quick and long-term emissions reductions

Monitors the services of external ship managers, who oversee the technical management of ten vessels

Crewing and Shared Service office in Manila, procurement services in Singapore

Subsidiary Flumar, located in Sao Paolo, Brazil, has technical management of five vessels

Headquartered in Bergen, Norway

Chemical tankers^*

	Figures in	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Odfjell TC earnings	USD mill.	681	795	731	653	504	514	462	470	523	552
EBITDA	USD mill.	380	506	443	372	241	254	184	109	125	188
EBIT	USD mill.	227	344	286	215	43	102	39	8	14	98
Total assets	USD mill.	1 860	1 983	1 809	1 829	1 888	2 019	1 851	1 664	1 643	1 544
Volume shipped	1000 tonnes	13 392	13 110	13 741	15 192	15 540	15 210	14 400	15 126	13 648	13 510
Ships per December 31	Number	70	71	68	69	93	89	75	83	79	73
Total deadweight per December 31	1000 tonnes	2 467	2 549	2 463	2 524	3 387	3 218	2 493	2 628	2 408	2 217

^{*This table also includes 'corporate'}

Distribution of global fleet by vessel age

Source: CKB Fleet

Orderbook split by vessel type

Deep-sea chemical tankers, existing fleet

Orderbook split by vessel type

Percent of deep-sea chemical tankers

Freight spot rates

West of Suez

Freight spot rates

East of Suez

MR earnings

Odfjell Terminals

Odfjell Terminals provides safe and efficient storage for vital liquids, chemicals and oil products at strategic international shipping hubs in the US, Europe and Asia. In 2025, we reached new milestones in our extensive expansion project, increasing capacity to meet growing demand.

Stable business performance amid global uncertainty

Odfjell Terminals delivered stable business performance in 2025, despite a more uncertain global trade environment. A diversified footprint across key locations, combined with a broad customer and product mix, supported the resilience of the portfolio, with activity remaining high and average occupancy reaching 96 percent, in line with 2024.

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Odfjell Terminals Houston (OTH)

OTUS completed the core program of its multi-year digital transformation, fundamentally reshaping commercial and operational processes

EBITDA: 49.4 million USD (excl. corporate items)

412,519 cbm total storage capacity

128 tanks

Odfjell share: 51%

Opened in 1983

Odfjell Terminals Houston (OTH) maintained an average commercial occupancy of 94% in 2025, moderately above the previous year.

Trade policy uncertainty has impacted storage demand and import and export flows. Despite these disruptions, OTH has demonstrated resilience and flexibility by supporting customers in adapting to shifting trade patterns, achieving 6% year-over-year growth in inbound throughput volumes.

Odfjell Terminals Charleston (OTC)

EBITDA: 6.4 million USD (excl. corporate items)

79,243 cbm total storage capacity

9 tanks

Commercially operated by OTH

Odfjell share: 51%

Opened in 2014

Odfjell Terminals Charleston (OTC) achieved an average commercial occupancy of 80%, down from 91% in 2024. The year-over-year reduction is attributed to one large tank remaining open throughout 2025 and currently undergoing upgrades.

Odfjell Terminals Korea (OTK)

E5 groundbreaking (10 tanks, 87,940 cbm)

10-year agreement with S-Oil for storage in E5 (3 tanks, 23,990 cbm)

The Board of OTK approved the Final Investment Decision for the refurbishment of Jetty 2

Jetty 1 reclassified, permitting vessel size up to 50,000 DWT

EBITDA: 12.1 million USD

313,710 cbm total storage capacity

85 tanks

Odfjell share: 50%

Opened in 2002

Odfjell Terminals Korea (OTK) is currently executing a structured improvement program, sharpening commercial focus and strengthening operational execution. This translated into record financial results, with net result 15% higher than 2024 and 86% above 2023. Average commercial occupancy reached 98% (2024: 97%), alongside a 23% year-over-year increase in inbound throughput volumes.

OTK recorded zero personnel injuries for the third consecutive year and reported no spills in 2025, underscoring its rigorous safety standards.

Noord Natie Odfjell Antwerp Terminal (NNOAT)

Successful commissioning of Tankpit-R (10 tanks, 27,500 cbm) in 1Q 2025

Obtained ISCC PLUS and ISCC EU certifications

Received the Voka Sustainable Entrepreneurship Charter for 2025

Successful commissioning of Tankpit-Q (2 tanks, 12,000 cbm) in 4Q 2025

The Board of NNOAT approved the Final Investment Decision for Tankpit-S

EBITDA: 39.9 million USD

500,689 cbm total storage capacity

254 tanks

Odfjell share: 25%

The Noord Natie Odfjell Antwerp Terminal (NNOAT) delivered a year of continued growth and expansion in 2025, with average commercial occupancy remaining near full capacity, consistent with recent years.

The strong operational performance translated into record financial results, representing the strongest performance to date.

Tank Terminals*

	Figures in	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Gross revenue	USD mill.	90	88	82	84	72	66	70	91	111	123
EBITDA	USD mill.	33	44	38	40	33	30	27	24	38	47
EBIT	USD mill.	8	19	15	15	9	18	18	(84)	118	53
Total assets	USD mill.	362	357	362	352	381	381	353	351	580	578
Tank capacity^**	1000 cbm	1 306	1 267	1 233	1 198	1 293	1 293	1 412	1 512	3 115	3 539

^{*Reflection of actual historical Odfjell ownership share | **100% of the terminal}

Business & outlook

Odfjell Tankers &
Ship Management