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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.

"First quarter 2015 time charter earnings index closed 3 percent lower than the previous quarter. The activity in the quarter was steady, both with respect to our contract and spot cargoes. Operational challenges related to the ship-channel closure in Houston, coupled with seasonal weather delays and general congestion, influenced our operational performance and earnings negatively," notes Odfjell in the report.

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