Odfjell Swings to a Net Loss on Weak Chemical Tanker Market

Odfjell posted a net loss of $28 million for the second quarter of 2012, compared with a net profit of $5 million in the corresponding quarter of 2011, on sales up 14%, to $307 million. Ebitda increased 12%, to $27 million. The results reflect a continued weak chemical tanker market characterized by softer demand and lower freight rates that were cushioned slightly by a decrease in bunker fuel prices, Odfjell says. Factors impacting Odfjell's chemical tanker business during the second quarter also included the enforcement of additional sanctions on petrochemicals...

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