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Odfjell losses widen

7:53 AM MST | March 8, 2013

Odfjell reported a net loss of $40 million in the fourth quarter of 2012 compared with a loss of $8 million in the corresponding quarter of 2011 on revenues of $296 million, down from $322 million a year earlier. The company recorded quarterly operating losses of $23 million compared with a $1-million loss in the fourth quarter of 2011. The results reflect “a continuing weak chemical tanker market and still significant losses at Odfjell Terminals Rotterdam [(OTR)],” Odfjell says. Odfjell halted operations at OTR in July 2012, to initiate verification and...

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