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Odfjell net loss widens, plans restructuring

6:50 AM MDT | May 9, 2014 | Ian Young

Odfjell posted a net loss of $23 million in the first quarter compared with a net loss of $13 million in the first quarter of 2013. Sales were $266 million, up from $256 million in the year-earlier period. The company's Ebitda declined year-on-year (YOY), to $9 million, in the first quarter from $14 million one year earlier. The company, meanwhile, says it has launched a major restructuring that includes 100 job losses at the troubled Odfjell Terminals Rotterdam (OTR) tank storage operation. The first quarter, for Odfjell's chemical tanker business...

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