Odfjell (ODF) Pareto Securities' 33rd Annual Energy Conference presentation summary

Market position and operations

• Operates a global fleet of 77 chemical tankers with 17 more on order, shipping 13.4 million tonnes and generating $380m EBITDA in 2025.

• Manages 478 storage tanks in key chemical hubs with 1.3 million tonnes capacity and $33m EBITDA in 2025.

• Maintains a diversified product and customer base, serving over 2,400 clients and handling 400+ products.

• Holds approximately 40% of global super-segregator capacity, reinforcing its leadership in deep-sea chemical shipping.

• Fleet renewal and growth strategy targets around 90 vessels by 2030, combining owned and chartered tonnage.

Financial performance and stability

• Demonstrates strong and stable earnings, with EBITDA rising from $442m in 2023 to $506m in 2024 and $625m annualized for 1H26.

• Maintains high TCE per day, consistently above cash break-even, supporting profitability.

• Dividend policy distributes 50% of adjusted net result semi-annually, with $434m paid in 2023 and $141m in 2024.

• Robust balance sheet and significant investment capacity, with NIBD/EBITDA at 2.4x and 8% dividend yield LTM.

• Lower earnings volatility compared to product tankers, supported by stable contract volumes.

Market environment and fleet outlook

• Navigates macroeconomic and geopolitical uncertainty, including Middle East Gulf disruptions and Hormuz closure.

• Despite a 9% drop in world chemical exports, chemical tanker demand rebounded, especially from the US Gulf and Asia.

• Orderbook stands at 20% of the existing fleet, with notable growth in medium stainless steel tankers expected in 2026-2027.

• Net fleet growth projected to rise through 2027, with ongoing deliveries and recycling balancing capacity.