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<!--XBRL Document Created with Wdesk from Workiva-->
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  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_odf_GrossProfitIncludingOperatingExpenses_label_en" xlink:label="lab_odf_GrossProfitIncludingOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Gross Profit Including Operating Expenses</link:label>
    <link:label id="lab_odf_GrossProfitIncludingOperatingExpenses_documentation_en" xlink:label="lab_odf_GrossProfitIncludingOperatingExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Gross Profit Including Operating Expenses</link:label>
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    <link:label id="lab_odf_VoyageExpenses_label_en" xlink:label="lab_odf_VoyageExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Voyage expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_VoyageExpenses" xlink:href="odf-2022-12-31.xsd#odf_VoyageExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_VoyageExpenses" xlink:to="lab_odf_VoyageExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_OdfjellTerminalsAsiaHoldingsMember_label_en" xlink:label="lab_odf_OdfjellTerminalsAsiaHoldingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Odfjell Terminals Asia Holdings [Member]</link:label>
    <link:label id="lab_odf_OdfjellTerminalsAsiaHoldingsMember_documentation_en" xlink:label="lab_odf_OdfjellTerminalsAsiaHoldingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Odfjell Terminals Asia Holdings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_OdfjellTerminalsAsiaHoldingsMember" xlink:href="odf-2022-12-31.xsd#odf_OdfjellTerminalsAsiaHoldingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_OdfjellTerminalsAsiaHoldingsMember" xlink:to="lab_odf_OdfjellTerminalsAsiaHoldingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_OtherOperatingExpense_label_en" xlink:label="lab_odf_OtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Other operating expense</link:label>
    <link:label id="lab_odf_OtherOperatingExpense_documentation_en" xlink:label="lab_odf_OtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Other operating expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_OtherOperatingExpense" xlink:href="odf-2022-12-31.xsd#odf_OtherOperatingExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_OtherOperatingExpense" xlink:to="lab_odf_OtherOperatingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_PoolDistribution_label_en" xlink:label="lab_odf_PoolDistribution" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Pool distribution</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_PoolDistribution" xlink:href="odf-2022-12-31.xsd#odf_PoolDistribution"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_PoolDistribution" xlink:to="lab_odf_PoolDistribution" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_OtherFinancialItems_label_en" xlink:label="lab_odf_OtherFinancialItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Other financial items</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_OtherFinancialItems" xlink:href="odf-2022-12-31.xsd#odf_OtherFinancialItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_OtherFinancialItems" xlink:to="lab_odf_OtherFinancialItems" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors_label_en" xlink:label="lab_odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Adjustments For Decrease (Increase) In Inventory, Trade Debtors and Creditors</link:label>
    <link:label id="lab_odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors_documentation_en" xlink:label="lab_odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Adjustments For Decrease (Increase) In Inventory, Trade Debtors and Creditors</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors" xlink:href="odf-2022-12-31.xsd#odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors" xlink:to="lab_odf_AdjustmentsForDecreaseIncreaseInInventoryTradeDebtorsAndCreditors" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_TimeCharterEarnings_c38f69d9-5af1-4bef-b925-7f158446bffd_totalLabel_en" xlink:label="lab_odf_TimeCharterEarnings" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Time-charter Earnings</link:label>
    <link:label id="lab_odf_TimeCharterEarnings_label_en" xlink:label="lab_odf_TimeCharterEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Time-Charter Earnings</link:label>
    <link:label id="lab_odf_TimeCharterEarnings_documentation_en" xlink:label="lab_odf_TimeCharterEarnings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Time-Charter Earnings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_TimeCharterEarnings" xlink:href="odf-2022-12-31.xsd#odf_TimeCharterEarnings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_TimeCharterEarnings" xlink:to="lab_odf_TimeCharterEarnings" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_OCIAssociatesAndJointVenturesMember_label_en" xlink:label="lab_odf_OCIAssociatesAndJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">OCI Associates and Joint Ventures [Member]</link:label>
    <link:label id="lab_odf_OCIAssociatesAndJointVenturesMember_documentation_en" xlink:label="lab_odf_OCIAssociatesAndJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">OCI Associates and Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_OCIAssociatesAndJointVenturesMember" xlink:href="odf-2022-12-31.xsd#odf_OCIAssociatesAndJointVenturesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_OCIAssociatesAndJointVenturesMember" xlink:to="lab_odf_OCIAssociatesAndJointVenturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_TimeCharterExpense_label_en" xlink:label="lab_odf_TimeCharterExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Time-Charter Expense</link:label>
    <link:label id="lab_odf_TimeCharterExpense_documentation_en" xlink:label="lab_odf_TimeCharterExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Time-Charter Expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_TimeCharterExpense" xlink:href="odf-2022-12-31.xsd#odf_TimeCharterExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_TimeCharterExpense" xlink:to="lab_odf_TimeCharterExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_InterestIncome_label_en" xlink:label="lab_odf_InterestIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Interest income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_InterestIncome" xlink:href="odf-2022-12-31.xsd#odf_InterestIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_InterestIncome" xlink:to="lab_odf_InterestIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings_label_en" xlink:label="lab_odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Miscellaneous Other Reserves Subtotal Including Retained Earnings</link:label>
    <link:label id="lab_odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings_documentation_en" xlink:label="lab_odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings" xlink:href="odf-2022-12-31.xsd#odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings" xlink:to="lab_odf_MiscellaneousOtherReservesSubtotalIncludingRetainedEarnings" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_e1392460-f45a-4372-af53-e701ec15787f_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Cash flows from (used in) operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary_label_en" xlink:label="lab_odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Increase in the proportion of ownership interest in subsidiary</link:label>
    <link:label id="lab_odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary_documentation_en" xlink:label="lab_odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Increase In The Proportion Of Ownership Interest In Subsidiary</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary" xlink:href="odf-2022-12-31.xsd#odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary" xlink:to="lab_odf_IncreaseInTheProportionOfOwnershipInterestInSubsidiary" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_Guarantees_label_en" xlink:label="lab_odf_Guarantees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Guarantees</link:label>
    <link:label id="lab_odf_Guarantees_documentation_en" xlink:label="lab_odf_Guarantees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Guarantees</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_Guarantees" xlink:href="odf-2022-12-31.xsd#odf_Guarantees"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_Guarantees" xlink:to="lab_odf_Guarantees" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_OfficeEquipmentAndCars_label_en" xlink:label="lab_odf_OfficeEquipmentAndCars" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Office equipment and cars</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_OfficeEquipmentAndCars" xlink:href="odf-2022-12-31.xsd#odf_OfficeEquipmentAndCars"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_OfficeEquipmentAndCars" xlink:to="lab_odf_OfficeEquipmentAndCars" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities_3f86b842-23c6-436b-9260-1f3af7dd01cf_negatedLabel_en" xlink:label="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Dividends paid, classified as financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_PurchaseOfInterestsInSubsidiary_label_en" xlink:label="lab_odf_PurchaseOfInterestsInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Purchase Of Interests In Subsidiary</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_PurchaseOfInterestsInSubsidiary" xlink:href="odf-2022-12-31.xsd#odf_PurchaseOfInterestsInSubsidiary"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_PurchaseOfInterestsInSubsidiary" xlink:to="lab_odf_PurchaseOfInterestsInSubsidiary" xlink:type="arc" order="1"/>
    <link:label id="lab_odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities_label_en" xlink:label="lab_odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Repayments of Drawing Facilities, Classified as Financing Activities</link:label>
    <link:label id="lab_odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities_documentation_en" xlink:label="lab_odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Repayments of Drawing Facilities, Classified as Financing Activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities" xlink:href="odf-2022-12-31.xsd#odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities" xlink:to="lab_odf_RepaymentsOfDrawingFacilitiesClassifiedAsFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_fc01c61a-f84a-44bd-97f0-17ef579bb7dc_negatedLabel_en" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Tax expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_5225897a-9962-4f6a-98d7-3a2eace3001d_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en">Cash flows from (used in) investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2021-03-24/full_ifrs/full_ifrs-cor_2021-03-24.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="arc" order="1"/>
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