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Divestment Proceeds Boost Odfjell's Net Profits

5:53 AM MST | November 9, 2011 | Ian Young

Shipping and tank storage company Odfjell posted a $261-million net profit for the third quarter of 2011 compared with a $11-million net loss in the corresponding quarter of 2010. The result was boosted by proceeds from the divestment in August of 49% stakes in Odfjell tank terminals in Rotterdam and Houston to private equity firm Lindsay Goldberg, which resulted in a capital gain of $270 million. The net profit figure also reflects solid tank terminal earnings and marginally increased time-charter results in the chemical tanker business. However, time chartering...

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