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Odfjell reports deeper net losses; weak chemical-tanker market continues

7:53 AM MST | November 14, 2012 | Sotirios Frantzanas

Odfjell says net losses from continued operations tripled in the third quarter of 2012, to $39 million, compared with $13 million in the third quarter of 2011. Ebitda decreased 76% in the third quarter, to $8 million from $34 million in the prior-year period. The decrease in Ebitda reflects a continued weak chemical-tanker market, and significant restructuring costs at Odfjell Terminals, the company says. Sales also fell by 11% in the third quarter of 2012, to $276 million from $309 million in the same period of 2011. Odfjell's chemical tankers business reported...

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