How did the Iran war and Strait of Hormuz disruption affect Odfjell’s chemical tanker freight rates and volumes in Q1 2026?

Odfjell reported that chemical tanker freight rates remained relatively stable despite the Iran war and Strait of Hormuz disruption, contrasting with surging rates in most other tanker markets due to increased tonne-miles from rerouting and ballasting; chemical tanker volumes slipped to 3.2 million metric tons in Q1 2026, slightly down from the previous quarter, while the contract-of-affreightment share fell to 45% from 57%—driven by reduced Middle East Gulf exports, which are predominantly contractual cargoes.

What strategic moves is Odfjell making in fleet expansion and terminal development amid ongoing geopolitical uncertainty?

Odfjell signed agreements to purchase four 40,000-deadweight-ton chemical tankers to be built at Kitanihon Shipyard in Japan, scheduled for delivery from Q1 2027 through Q1 2029; concurrently, it began construction of Tankpit-S at Noord Natie Odfjell Antwerp Terminal—adding 18 duplex stainless-steel tanks (36,000 m³ total)—slated for operation in Q1 2027, and advanced the E5 expansion project at Odfjell Terminals Korea—adding 10 carbon steel tanks (87,940 m³)—with commissioning planned for Q4 2026.