Shipping
Timecharter earnings in the parcel tanker business continued to decline in the fourth quarter 2009, according to Odfjell's latest financial report. Timecharter earnings over the year were 19% below the 2008 average, resulting in EBITDA for the year of $73m compared to $191m in 2008. This year has begun slightly more positively, especially in the CPP sector, Odfjell says, and there is more business in acids and in exports of base chemicals from the Middle East. Disposal of older units will help improve utilisation levels but competition remains tough.
