Parcel tanker owner Odfjell made a Q3 profit third of US$29m

Norwegian parcel tanker owner Odfjell made a Q3 profit third of US$29m, down from US$37m in Q3 2005, partly due to settlements with customers following antitrust actions totalling US$5m but mainly to “a reversal of deferred tax liabilities of US$12m following a corporate restructuring.The company notes: “Operating expenses as well as general and administrative expenses are higher in 2006 than in 2005, partly because our favourable multi-year currency hedging position came to an end in 2005. Positive contributions from currency hedging reduced operating expenses by US$10 million and general and administrative expenses by US$7m in the first nine months 2005. Net financial expenses first nine months 2006 were US$31m, compared to US$21m in the first nine months of 2005. The increase is caused by higher interest rates and higher net debt due to investments.”The company says Q£ was notable for: “stable ship operating and administrative expenses, solid results from tank terminals and the acquisition of five chemical tankers”.