An Insider's Move: Chairman's First Investment in Odfjell SE Since 2019

Odfjell SE (ODF:NO), a stalwart in global trade since 1914, specializes in transporting and storing bulk liquid chemicals, acids, and specialized cargoes. With an expansive fleet of chemical tankers and strategically located terminals worldwide, Odfjell ensures efficient and sustainable delivery, underscoring its commitment to operational excellence and customer satisfaction.

Chairman's Confidence

Laurence Odfjell, Chairman of the Board, demonstrated his confidence in the company's future by acquiring a total of 100,000 shares on March 15  at 119 NOK per share, totaling NOK 11.90 million ($1.12 million). What adds significance to this trade is that this trade represents his first investment in the company after 2019.

Confidence by Institutions and Mutual Funds

In the latter half of 2023, institutional investors showed strong confidence in Odfjell. Pareto Asset Management AS boosted holdings by 63,455 shares, and Storebrand Asset Management AS acquired 2,741,305 shares.

Additionally, Pareto Aksje Norge purchased 72,850 shares in the mutual funds sector, and Storebrand Norge I increased stakes by 103,734 shares. 

Financial Strength in Q4 2023

In the fourth quarter of 2023, Odfjell achieved solid results, with time charter earnings of USD 182 million and an EBIT of USD 71 million, resulting in a strong net result of USD 52 million.

Renewed COA portfolio saw a 5% increase in rates, covering nearly a third of the estimated annual contract volume. With geopolitical tensions and canal restrictions contributing to higher fleet utilization, Odfjell anticipates a slight earnings increase in the first quarter of 2024.

The company's financial strength, ownership dynamics, and recent buying activity all signal a positive outlook for its future prospects.