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Odfjell expects slower beginning to 2021

2021 has started with continuing weak markets and high fuel costs for Odfjell. This is expected to impact results in the first quarter, where the company expects to bag a weaker result. 2020 finished with significant bottom line growth.

Odfjell-topchef Kristian Mørch. | Photo: Morten Wanvik / Odfjell

Norway's Odfjell expects to see a tough start to 2021, according to the company's annual report, published Thursday.

Most recently, Odfjell noted stable chemical tanker rates in the fourth quarter. Conversely, "a very weak CPP market" and rising fuel prices put pressure on the company's earnings, which for the combined business came to a deficit of USD 2.5 million after taxes.

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