Governance & impact

Preparing for a Low-Carbon Future: Odfjell’s Green Transition

We are actively transforming our operations to prepare for a low-carbon future and deliver on our climate commitments. Over the past decade, we have systematically improved the energy efficiency of our fleet through operational excellence and targeted technical measures, significantly reducing fuel consumption and greenhouse gas intensity. These efforts — including route optimization, propeller upgrades, retrofits, and other energy-saving devices — have materially lowered carbon intensity and strengthened our competitive position.

One of the most visible outcomes of this work is the pioneering integration of wind-assisted propulsion and cleaner fuels. Our chemical tanker Bow Olympus completed a near carbon-neutral transatlantic voyage, demonstrating the combined potential of wind propulsion — using suction sails — and certified sustainable biofuel to cut fuel use by around five tons per day and improve GHG intensity by up to 85 % compared with conventional operations.

Building on this momentum, Odfjell has established the world’s first operational green corridor for deep-sea shipping between Brazil and Europe.

This route — spanning approximately 5,000 nautical miles — is now serviced by our vessels using a certified sustainable biofuel blend, underlining that practical low-carbon solutions are available and scalable today. This corridor will run regularly throughout the year and is designed to secure long-term availability of lower-emission fuels through strategic offtake arrangements in Brazil.

Across these initiatives, we are focused on fuel transitions, energy-efficiency improvements, and pragmatic deployment of technologies that reduce emissions without compromising safety or reliability. These efforts are backed by a robust governance framework and supported by strategic financing mechanisms that align capital with our transition objectives.

Odfjell's Transition Plan defines the roadmap for meeting our climate targets, including significant carbon intensity reductions by 2030 and a climate-neutral fleet by 2050. This plan, developed within recognized reporting frameworks and supported by independent reviews, guides the sequencing of investments, operational changes, and collaborations necessary to fulfill our long-term climate ambitions.

We are firmly committed to providing a safe and secure working environment for everyone in and with our organization, while safeguarding our vessels, terminals, and cargo. Our approach is built on a strong safety culture that emphasizes care for people, disciplined operations, and continuous learning across all areas of our business and value chain.

In 2025, seven Lost Time Injuries (LTIs) were recorded in our managed fleet, unchanged from the previous year. While none of the incidents were severe, and all affected colleagues recovered and have returned to service, each incident is one too many.

The Lost Time Injury Frequency (LTIF) for our shipping operations was 0.71 in 2025, compared with 0.61 in 2024. At our managed terminals, one LTI was recorded during the year, corresponding to an LTIF of 0.26, compared with 0.18 in 2024. 

We did not experience any significant safety or security incidents affecting our vessels or terminals during the year. However, the risk landscape continues to evolve. In 2025, attempted fraud and phishing attacks increased, but were effectively mitigated through strong technical safeguards and vigilant employees. Cybersecurity remains a critical risk for the maritime industry, and Odfjell adopts a holistic approach that combines advanced technology, clear procedures, and continuous awareness training.

Geopolitical instability continued to affect the security of maritime operations in 2025. Odfjell maintained a dedicated task force to monitor developments in high-risk areas, including the Red Sea, the Persian Gulf, and piracy-prone waters in the Gulf of Aden.

When threat levels increased, vessels were rerouted away from affected areas and voyages redirected around Africa to protect our crews, vessels, and cargo.

Further information on how Odfjell works with health, safety, wellbeing, and security, including policies, governance and performance indicators, is provided in the Sustainability Statement under ESRS S1 (Own Workforce) and S2 (Workers in the Value Chain).

Enhancing diversity, engagement, and enablement — a key driver of long-term performance

Creating physically and psychologically safe work environments is fundamental to our success. Safety comes first, and this includes fostering a culture where people feel comfortable speaking up, sharing perspectives and learning from their experiences.

We are committed to a non-discriminatory and inclusive workplace where individuals are valued for their competence, experience, and contributions. Equal opportunity is a guiding principle across recruitment, development, promotion and compensation, and ensuring fair and transparent practices throughout the employee lifecycle.

As we prepare our workforce for the future, we are focused on retaining and developing our people while attracting new hires from a broad and diverse pool. Our executive management and board remain committed to strengthening diversity across the organization. For shore-based shipping operations, we continue to work towards our target of achieving a minimum of 30% gender balance at all levels by 2030, through a structured and systematic approach.

Competence and development

The context in which we operate continues to evolve. To deliver strong and sustainable results, we must develop both individual and organizational capability. This requires people with expertise, curiosity, and the willingness to learn and adapt. We therefore invest in upskilling and leadership practices that support collaboration, accountability, and continuous improvement. 

We will continue to build readiness across the organization with reskilling and upskilling initiatives.

2025 competence and development activities in brief:

• We have continued our holistic development program for our onshore employees and managers. Designed to further strengthen our culture and work environment, it provides professional and personal development opportunities. The program continues with additional workshops for leaders and employees in 2026

• Odfjell has established an AI Champions forum, an AI Hub, and a series of initiatives to learn, experiment, utilize, and prepare for the opportunities that AI and other digital technologies provide

• Ship Management’s alignment and knowledge-sharing concept, ‘Fleet week’, continued with several conferences attended by the shore organization, captains, and chief engineers

• We continued our training programs for all crew and officers, including the Odfjell Leadership Training for Management Level Officers, Bridge Resource Management (BRM), and Engine Resource Management (ERM)

• We actively support industry initiatives designed to attract and retain the best people for the maritime segment

Recruitment and workforce planning

Over the past few years, Odfjell has welcomed a significant number of new colleagues across the organization. Our recruitment efforts span both experienced professionals and early-career candidates.

In Norway, we continue to collaborate with students from leading universities and colleges. Through internships, practical training periods, and student consultancy projects at our headquarters, students gain an insight into our business while contributing fresh perspectives. In recent years, we have seen an increase in the number of trainees and interns across both commercial and technical disciplines. We also recruit interns at several other Odfjell offices around the world.

Career development remains equally important at sea. We continue our long-term commitment to hiring cadets on board and supporting their progression into skilled officers over time. While technical competence is essential, we also place strong emphasis on values and attitude. These attributes are embedded throughout onboarding, training, and our ongoing work with culture and leadership.

Looking ahead

As we continue to develop a resilient and sustainable organization, we remain focused on long-term competence development. Investing in our people is fundamental to maintaining safe operations, strong performance, and responsible growth. Through continuous improvement, digital enablement, and a safety-first culture, we aim to attract, develop and retain the people needed for the years ahead.

Our vision is clear: to be a frontrunner in the industry's transformation, delivering value for our stakeholders while contributing to a safer and greener maritime sector.

The history

Odfjell SE started as a Norwegian family business in 1914 with one vessel. Towards the middle of the century, small, specialized tankers became increasingly important, and in 1960, Odfjell built the world’s first stainless tanker, MT Lind, at the Stord yard in Norway. In 1969, the first Odfjell tank terminal opened in Buenos Aires, and in 1983, the Baytank terminal in Houston was opened. Today, Odfjell is a world-leading logistics service provider for chemicals and other specialty bulk liquids.

In 1986, the Odfjell SE shares were listed on the Oslo Stock Exchange under the name Storli. The name was changed to Odfjell in 1998.

Dividend policy

Odfjell's dividend policy states that 50% of adjusted net result is paid out semi-annually, subject to the board's discretion considering the market outlook and Odfjell's financial position.

Shareholders

At the end of 2025, there were 3,490 holders of Odfjell A-shares and 1,627 holders of Odfjell B-shares, in total 4,724 shareholders (some shareholders hold both A- and B-shares). Our 20 largest shareholders hold 76% of our shares. Most of our shares are held in Norway and Denmark.