Lindsay Goldberg News

Odfjell announced Monday that Odfjell Terminals (China) Pte. Ltd. (OTC) has today completed a sale of its 50% shareholding of Odfjell Terminals (Dalian) Co Ltd. (OTD) to VTTI Terminals I B.V., a subsidiary of VTTI group, for a total cash consideration of $59 million.Kristian Mørch, CEO of Odfjell said, “The sale of OTD represents another step in the restructuring of our terminal portfolio and is in line with our strategy to focus on chemical terminals where we can harvest synergies with Odfjell Tankers or have another angle for further value creation by Odfjell.”OTC is indirectly owned 51% by Odfjell and 49% by Lindsay Goldberg (LG).

Norwegian shipping and tank terminal company Odfjell SE has finalized the sale of its indirect 55% equity stake in Odfjell Terminals Jiangyin (OTJ), China.Reference is made to the stock exchange announcement of May 8th, 2018, in which Odfjell SE (Odfjell) announced that Lindsay Goldberg (LG) is considering a sale of its 49% shareholding in Odfjell Terminals BV.After LG completed the sales of its shareholdings in the US and European terminals, LG is now in the process of selling its shareholding in the Asian terminals. Connected with this, Odfjell has decided to tag along on LG’s sale of its indirect shareholding in Odfjell Terminals (Jiangyin).Odfjell is pleased to announce that Odfjell Terminals Asia Holding Pte. Ltd.

Tank terminal transactions will further strengthen Odfjell SE but the company experienced another challenging quarter in the chemical tanker markets.The second quarter 2018 results reflect the impact of the sale of the Rotterdam terminal, while underlying results from Odfjell Terminals improved compared to the previous quarter. The chemical tanker market remains challenging, but Odfjell’s TCE performance remains stable.“The sale of our Rotterdam terminal will further strengthen Odfjell SE as a company. The planned increase in our shareholding in our j/v terminal in Antwerp will ensure a foothold in Europe, with Antwerp being the most important port for chemicals in the EU.

Odfjell SE said it has been informed by Lindsay Goldberg that they are considering a sale of its 49% shareholding in Odfjell Terminals B.V.Lindsay Goldberg has been Odfjell's joint venture partner in Odfjell Terminals's U.S. and European terminals since 2011. In 2013, the partnership was expanded to include Odfjell Terminals's global terminal operations.Odfjell said it continues to consider Odfjell Terminals as core business and emphasized its long term commitment to owning, developing and operating tank terminals.

Chembulk Tankers appointed David Ellis as Chief Executive Officer (CEO), succeeding Jack Noonan who will retire after 10 years of leading the team at Chembulk Tankers. Effective November 1, 2017, Jack will take on the role of CEO Emeritus through the balance of the year and will continue to advise and counsel Chembulk as part of the leadership transition. Ellis has more than 30 years in chemical and petroleum transportation experience, including over 20 years with Odfjell SE in various leadership roles culminating in the global leadership position in Odfjell’s joint venture with Lindsay Goldberg. He most recently served as CEO of Waypoint Solutions LLC, a Houston-based company he founded in 2016 to develop, buy, and operate midstream assets.

Odfjell SE announced that Odfjell Terminals B.V. (OTBV), the joint venture holding company that owns and operates substantially all of Odfjell's tank terminals worldwide, has entered into an agreement to sell its 29.75 percent indirect ownership in Oiltanking Odfjell Terminals & Co. LLC (OOT) in Oman for around $130 million. The transaction will result in a net gain of approximately $90 million for OTBV. Closing of the transaction is subject to customary regulatory approval. Frank Erkelens, CEO of Odfjell Terminals B.V. commented, “We appreciate the cooperation we have had with our good partners in Oman, and wish them a successful future further developing the full potential of the terminal. Odfjell Terminals B.V.

Odfjell Terminals, a leading global storage provider for chemicals, petroleum products and gases, is pleased to announce the appointment of David Ellis as President, effective immediately. Mr. Ellis will be responsible for the leadership of Odfjell Terminals' global activities. Mr. Ellis has been with Odfjell SE since 1996 and Odfjell Terminals since 2005, most recently serving as the executive in charge of North American activities. Odfjell Terminals is a joint venture between Odfjell SE and Lindsay Goldberg.

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.

Odfjell published their first quarter 2013 results, reporting EBITDA of $27 million which they said reflects a slightly better chemical tanker market and higher terminal earnings. Time charter results up 8% compared to last quarter. Odfjell said the chemical tanker market improved slightly the first quarter of 2013, but remains at loss-making levels. Steady CoA nominations combined with increased spot activities enabled Odfjell to employ ships more efficiently. The bunker prices were marginally higher than in the previous quarter.

Tankship & terminal storage owners/operators Odfjell also noted significant losses at their Rotterdam terminal in its Q4 2012 report. Jan A. The chemical tanker market improved seasonally towards the end of the year. Volumes shipped remained on par with the previous quarter. Earnings on a time-charter basis were up 7.8% compared to third quarter. Freight rates per tonne shipped increased by about 10%. The average price on bunkers purchased in the quarter remained high. In fourth quarter, with the exception of Odfjell Terminals (Rotterdam) (OTR), the EBITDA for our tank terminals remained on par compared with previous quarter. In December…

Odfjell announced it has closed the transaction to form the strategic partnership with Lindsay Goldberg. Through the transaction, Lindsay Goldberg has acquired a 49% interest in each of Odfjell's tank terminals in Rotterdam, Netherlands and Houston, Texas as well as in the greenfield project in Charleston, SC. Odfjell retains the remaining 51% ownership stake. Odfjell has received a total cash consideration of $247m in connection with the transaction, and the parties will invest a total of EUR 25 million of new equity to facilitate planned upgrades and capacity expansion of the Rotterdam terminal.

Reference is made to the stock exchange announcement of 18 May 2011, in which Odfjell announced its intentions to enter into a strategic partnership with Lindsay Goldberg LLC to grow its tank terminal business in Europe and North America. Odfjell signed definitive agreements for a strategic partnership with Lindsay Goldberg LLC, a US-based private equity firm. The partnership enhances our platform for organic and strategic investments and expansions in the tank terminal business in Europe and North America. We believe there are attractive expansion opportunities in the tank terminal sector and consider Lindsay Goldberg as a reliable long-term partner with a shared strategic view and ambition.

With reference to the stock exchange announcement 13 December 2010 in which Odfjell announced a process to evaluate strategic alternatives for its Rotterdam tank terminal, the Company today informs that it has entered into a letter of intent to form a strategic partnership with affiliates of US-based private equity firm Lindsay Goldberg LLC. The selection of Lindsay Goldberg follows a careful review and discussions with various interested parties. According to the proposed transaction…