Norway’s Odfjell has logged its best-ever profit for 2023 — and sees more to come in what it called “inefficient” shipping markets.

The Oslo-listed chemical tanker and terminals group said net earnings came in at a “strong” $52.1m in the fourth quarter, up from $50.4m in 2022 as financial costs fell.

Revenue dropped to $296m, compared with $318m the year before.