Odfjell Seeks Purchase of Chem-Marine
Odfjell Terminals has entered into a Letter of Intent to purchase Chem-Marine Corporation of South Carolina. Chem-Marine controls a 25.3 acre/10.2 hectare site through a long term land lease, and is located adjacent to Odfjell's tank terminal in North Charleston, South Carolina.
The property is situated on the Cooper River and has a 250 meters deep-water front and a 12.5 meter draft ship berth, with one dedicated stainless steel lines connected to 12,800 cbm of storage in two carbon steel tanks.
The facility currently handles the discharge of Alcoa (AA)'s alumina carrying vessels for once or twice per month which is conveyed to onsite dry storage facilities. Daily rail loadings of alumina are shipped to Alcoa's primary aluminium production facility in Mt. Holly, S.C.
This acquisition offers an opportunity for expanding Odfjell's physical presence in the Southeast region of the U.S. Further to this, the Chem-Marine Corporation of South Carolina has been a valuable part of the Charleston community for over 35 years adding strength to Odfjell's continuing commitment in this region.
This acquisition has an estimated value below $10 million.
The transaction will be consummated through Odfjell Holdings (U.S.) Inc., a subsidiary of Odfjell Terminals AS, which is the joint venture company owned 51% by Odfjell SE and 49% by Lindsay Goldberg.