Norway’s Odfjell swings to $40m net loss in Q4 2012

14 February 2013 08:22  [Source: ICIS news]

SINGAPORE (ICIS)--Norwegian shipping firm Odfjell posted a net loss of $40m (29.6m) in the fourth quarter of 2012, compared to a net loss of $8m in the same period last year, due to a weak chemical tanker market and significant losses at its Rotterdam terminal, it said on Thursday.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the December quarter decreased by 45% year on year to $17m, Odfjell said.

For the whole of 2012, Odfjell plunged into a $111m net loss from a profit of $269m in the previous year, the company said in a statement.

EBITDA for January-December 2012 decreased by 18% to $93m, it said.

($1 = €0.74)

By: Surinder Malhi
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