Odfjell enjoys spot market improvement

Odfjell SE reports “encouraging developments” in the chemical tanker spot market in the latter part of 2011 in its latest financial results. Odfjell also notes a 4.3% increase in timecharter returns in the fourth quarter compared to the same period 2010, and a 2.6% improvement over the third quarter, despite continuing rises in bunker fuel costs. Gross revenue was slightly higher both in the fourth quarter and over the year as a whole, although the net result for 2011 was a loss of $34m, somewhat better than the loss of $121m reported for 2010.