Odfjell sees slight improvement in tanker earnings

Odfjell SE reports a third quarter net result of $261m, including a $270m capital gain from the sale of a 49% interest in its terminals in the US and Europe. The figures indicate a slight underlying improvement from the loss of $11m recorded in the same period a year earlier. For the first three quarters, EBITDA is 24% ahead of the 2010 figure at $82m. Odfjell's chemical tanker operations have seen improved performance this year, although for the first nine months it has posted a zero operating result compared to a $47m loss last year. "The disappointing trading result is explained mainly by high bunkers costs, which are not fully recoverable by the current freight market," the company says. However, timecharter earnings are improving slowly.