Bow Star News

Odfjell's consolidated net result after tax was $34 million the first quarter 2004 compared to $18 million 1Q 2003. The first quarter 2004 figure includes capital gains on assets of $9 million. Time-charter results per day improved by 9 percent compared to first quarter 2003 and to the full year 2003. Increased voyage expenses reflect the increased number of ships in the fleet. Earnings before interest, taxes, depreciation and amortization (EBITDA) for first quarter 2004 were $53 million, up from $41 million first quarter 2003. Operating result (EBIT), including capital gain on assets, was $38 million in the first quarter 2004, compared to $19 million in the first quarter 2003.

A chemical tanker controlled by Norwegian shipowning firm Odfjell has run aground off Indonesia. Odfjell reported that its chemical tanker Bow Star ran aground after leaving the Indonesian port of Batam. There were no injuries and the vessel's double hull was believed capable of preventing any environmental damage. There was no cause given for the grounding. The 39,832-dwt Bow Star was built in 2004 at Poland's Szczecin shipyard. Odfjell said it has Norwegian officers on board and a Filipino crew. Source: Aftenposten