Twelve months ago theOslo-listed chemical tanker operator posted a loss of $13m.
Odfjell said revenuefor the three months was $266m versus the $256m seen in the first quarter of2013.
“Thefirst quarter continued on a slow and disappointing pace as congestion, delaysand bad weather caused operational challenges, inefficiencies and increasedcost,” Odfjell said of the performance of its chemical tanker operation.
“Thisresulted in an unfavourable allocation of tonnage to handle time-sensitivecontract commitments.
“USexports held up, but results and benefits were negatively influenced by severedelays caused by fog.
“In general, rates came under pressure duringthe quarter as tonnage was abundant. Middle East and South America inparticular, had too many vessels competing for marginal business."
Lookingahead to the second quarter Odfjell said it notes increased activity and lessdelays and interruptions.
“Allocationof gas to the Iranian petrochemical industry resumed at the end of firstquarter, which could result in higher production and increasing volumes forexport,” it said.
“Thoughrates remain under pressure due to excessive supply of ships, we see results improvingby more efficient trading of our ships.
“Volumes nominated and shipped also showpositive developments, as most of our contract partners appear to benefit fromgood and steady demand.”
