Odfjell dragged down by bunker contracts

Tanker carrier Odfjell - active in chemical, tanker and gas - has lost its profit because of bunker contracts signed with 2014 prices, but the company has managed to adequately cut operating costs and can present underlying improvements in the annual report.

Photo: Odfjell

Norwegian Odfjell, which is headed by former Clipper CEO Christian Mørch - and which recently sold its characteristic headquarters - has taken efficiency measures leading to a profit, but then lost it all in bunker hedging, which brings down the net result for 2015 after taxes to a deficit of USD 36 million (with bunker impairments of USD 64.3 million). However, this is a clear improvement compared to 2014 which saw a deficit for the full year of USD 75 million.

This is evident from Odfjell's annual and fourth quarter interim report for 2015.

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