IHS Chemical Week

People & Business :: Earnings/Finance

Odfjell's losses widen on weak tanker market, Rotterdam terminal woes

9:25 AM MST | February 15, 2013 | Ian Young

Odfjell reports a net loss of $40 million in the fourth quarter of 2012 compared with a net loss of $8 million in the corresponding quarter of 2011 on revenues of $296 million, down from $322 million one year earlier. The company recorded quarterly operating losses of $23 million, compared with a $1-million operating loss in the fourth quarter of 2011, and a decline in Ebitda to $17 million, from $31 million a year earlier. The results reflect "a continuing weak chemical tanker market and still significant losses at Odfjell Terminals Rotterdam [OTR],"...

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