Norway’s Odfjell posts Q1 net loss on sluggish shipping market

07 May 2013 08:54  [Source: ICIS news]

SINGAPORE (ICIS)--Norway’s Odfjell posted a net loss of $13m (€9.8m) for the first quarter of this year, as a result of prevailing weakness in the chemicals shipping market, the company said on Tuesday.

The result represents the shipping company’s fifth consecutive loss-making quarter, but the first-quarter loss is smaller than the $40m loss reported for the fourth quarter of 2012 and the $39m loss in the third quarter of that year.

Revenues were down by 13% year on year at $291m, while earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 34% over the same period to $27m, according to Odfjell.

“The chemical tanker market improved slightly [in] the first quarter of 2013, but remains at loss-making levels,” the company said in a results statement.

($1 = €0.76)

By: Tom Brown
+44 208 652 3214

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