Odfjell Announces Personnel Reductions
In an announced effort to improve its financial results through a more competitive cost structure, Odfjell SE began a review of all aspects of its business model in May 2014 targeting organizational changes to increase competitiveness in the chemical tanker market.
The company’s board has today approved a restructuring plan which, fully implemented, is estimated to improve the net result by in excess of $100 million on a yearly basis within 2016. The cost-saving initiatives are related to operating expenses, general and administrative expenses, trade optimization and bunker consumption