Odfjell improved operating result but lost USD 15 mln on bunker

Norwegian chemical tanker carrier Odfjell's first quarter result was negatively affected by losses related to bunker derivatives of USD 15 million. Comprehensive cost cutting program has been launched, but will take longer than planned, says management.

Odfjell achieved an operating profit of USD 26 million in the first quarter 2015, which adjusted for one-off items was a USD four million improvement over the previous quarter. The result was negatively impacted by losses related to bunker derivatives of USD 15 million, according to Odfjell's first quarter interim report, published Wednesday.

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