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Healthy results apply welcome balm to Odfjell wounds.
(From Lloyds List)
Byline: Hugh O'Mahony
TERJE Storeng has brought first half-year results to the table as Odfjell's interim president and chief executive, reporting net profits up 36% and the purchase of two ships, but a weaker second quarter.
The results provided welcome balm, set against June's explosion aboard the Odfjell-managed NCC Mekka, the antitrust lawsuit against Odfjell from the liquidated estate of O.N.E. Shipping and the Justice Department subpoena for Hoyer-Odfjell USA demanding an account of tank container operations,
Although outgoing chief executive Bjorn Sjaastad took a $1.2m pay-off with on his June 30 departure that hit operating expenses, Odfjell reported net profits at the tanker company of $56m, against $41m during the first half of 2003.
Improved market conditions strengthened time charter results per day by 9% compared to the first half of 2003, yielding earnings before interest, taxes, depreciation and amortisation for the first half of 2004 of $104m, up from $84m in the first half of 2003.
Time charter income increased by about 2% from the first to the second quarter 2004, the company ...
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