Oslo-listed tanker owner Odfjell SE has recorded a net profit for the third quarter (Q3) of $41 million, nearly double the $23 million net profit earned in the same period last year.
The results were better than expected from previous analysts' forecasts due to "healthy tanker rates during the quarter," according to a Pareto analyst.
"Time-charter results increased by 10% compared to [the] second quarter," said Bergen-based Odfjell in its Q3 report.
Odfjell’s specialized fleet consists of 92 parcel tankers and 18 newbuildings with a total capacity of about 3.2 million deadweight tonnes (dwt).
The Norwegian chemical products specialist also attributed the near-doubling of net profit to unrealised currency gains of $13 million in Q3 due to a stronger US dollar.
The company also reported “solid results” from its tank terminal operations, “partly due to increased capacity.”
Odfjell is a leading company in the global market for the transportation and storage of chemicals and other specialty bulk liquids.
Its terminal operations work together with its tanker shipping arm to offer global infrastructure for specialised bulk liquids such as chemicals.
The results were better than expected from previous analysts' forecasts due to "healthy tanker rates during the quarter," according to a Pareto analyst.
"Time-charter results increased by 10% compared to [the] second quarter," said Bergen-based Odfjell in its Q3 report.
Odfjell’s specialized fleet consists of 92 parcel tankers and 18 newbuildings with a total capacity of about 3.2 million deadweight tonnes (dwt).
The Norwegian chemical products specialist also attributed the near-doubling of net profit to unrealised currency gains of $13 million in Q3 due to a stronger US dollar.
The company also reported “solid results” from its tank terminal operations, “partly due to increased capacity.”
Odfjell is a leading company in the global market for the transportation and storage of chemicals and other specialty bulk liquids.
Its terminal operations work together with its tanker shipping arm to offer global infrastructure for specialised bulk liquids such as chemicals.