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Odfjell delivers USD 60 million operating profit

The chemical tanker market "continues to be challenging, but we continue to see improvements in our competitiveness, which softens the impact on the Odfjell results," says Odfjell CEO Kristian Mørch in the interim report Thursday. The carrier cancels orders for gas vessels.

Norwegian chemical carrier Odfjell delivered an operating profit (EBITDA) of USD 60 million and a net profit of USD 16 million in the third quarter – a solid result in a highly challenged market, says CEO Kristian Mørch in the interim report, published Thursday.

The negative development in freight rates in the second quarter continued into the third quarter, though the negative developments were partially offset by Odfjell's freight volumes on long contracts and a more effective fleet utilization, says the carrier in the report.

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