Year in review

Odfjell generated another strong net result in 2025, ending at USD 155 million. This was a reduction from record levels in 2024 following softer chemical tanker markets, but still our third strongest result over the last ten years. 

In accordance with our financial strategy and policy, we allocate 50% of adjusted net income to dividends, amounting to USD 78 million for dividends relating to 2025 results. Remaining proceeds are primarily used to strengthen our balance sheet, and net debt ended at USD 795 million, a reduction of 17.5% from 2024. Our equity ratio by year-end was 48.8% compared to 42.9% in 2024. 

We continued to invest in fleet renewal and growth to support our market position. As part of our strategy to increase market share, we expanded our use of long-term time charter agreements, many of which include purchase options, allowing us to modernize the fleet while maintaining financial and operational flexibility. 

Disruption has become the new normal for the tanker market, and threats of tariffs and port fees led to rapidly changing trade flows and market expectations through 2025. The chemical tanker spot market softened gradually from its peak in mid-2024, although signs were more positive towards year-end. We achieved strong earnings in 2025, but renewed contracts saw a moderate decline in average rates. 

Fleet expansion and renewal remained key priorities. Odfjell concluded contracts for four newbuildings in 2025, and our orderbook includes two owned and 20 long-term time chartered vessels to be delivered between 2025 and 2029. Our newly established joint venture with a long-standing Japanese partner strengthens our access to high-quality tonnage. 

Odfjell Terminals delivered another year of growth and resilience, all while maintaining its strong record on safety performance and operational excellence. The terminals portfolio continued to raise the bar on key safety metrics, while underlying operational performance remained stable.

In line with our growth strategy, we commissioned two new fully automated tank pits totaling close to 40,000 cbm at our terminal in Antwerp, Belgium, and commenced construction of an additional tank pit with a capacity of 36,000 cbm. At our Korean terminal in Ulsan, construction of a large-scale expansion project is ongoing, set to increase the terminal's capacity by 28% to exceed 400,000 cbm.

Safety is at the core of everything we do, and we are pleased to report a strong safety record for 2025. 

Throughout the year, we further strengthened our position on the path to a low-carbon future through targeted investments and operational measures. Our fleet’s carbon intensity ended at 6.8, down from 7.1 in 2024. We invested in wind-assisted propulsion (WAPS) and gate rudder technology for newbuildings from Japan, and demonstrated the impact of WAPS and use of sustainable biofuels through the near-carbon-neutral transatlantic voyage of Bow Olympus. We also launched the world’s first operational deep-sea green corridor between Brazil and Europe in 2025.  

We published our first sustainability statement in line with the ESRS, covering our environmental, social, and governance initiatives, and were recognized with the Leading Fuel Efficiency Initiative award at the Green Shipping Summit 2025. Despite the postponement of the IMO Net Zero Framework, we remain firmly committed to delivering on our climate targets.