Odfjell Net Falls $20M; U.S. DOJ Fine the Cause
Odfjell's consolidated net result after tax was $11 million for the first nine months 2003 compared to $31 million in the same period 2002. The 2003 figure is after net extraordinary expenses of $49 million, including a fine from the US Department of Justice of $42.5 million and other costs directly related to this issue. Time-charter results per day remained stable during the first and second quarter 2003, but fell five percent in the third quarter. Time-charter results per day in the third quarter 2003 were two percent higher than in the same quarter 2002. Voyage expenses were higher than in the same period last year due to high bunker cost.
News: Odfjell Net Falls $20M; U.S. DOJ Fine the Cause
Odfjell's consolidated net result after tax was $11 million for the first nine months 2003 compared to $31 million in the same period 2002. The 2003 figure is after net extraordinary expenses of $49 million, including a fine from the US Department of Justice of $42.5 million and other costs directly related to this issue. Time-charter results per day remained stable during the first and second quarter 2003, but fell five percent in the third quarter. Time-charter results per day in the third quarter 2003 were two percent higher than in the same quarter 2002. Voyage expenses were higher than in the same period last year due to high bunker cost.
