EuropeTankers

Odfjell opens saving account

Oslo: It’s no secret that the traditional Bergen-based shipowner Odfjell has not earned money in half a decade and is struggling in the depressed market. The bottom line is still blood red, although there was some improvement in 2014 and plans are afoot to reverse the famous company’s fortunes. The company recorded a $75m net loss last year. A new plan to cut costs and restructure has been unveiled. Odfjell will make 85 employees in Bergen redundant and start to save $ 100m annually from 2016. The money will be saved by cutting operating costs and by switching to a more efficient fuel consumption rate and better sailing pattern.
Odfjell is one of the world’s largest chemical shipping companies, and owns and operates chemical tankers as well as a network of tank terminals. Odfjell is listed in Oslo and the largest shareholder is Laurence W Odfjell and his family.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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