Odfjell Terminals As News

Odfjell Terminals US (OTUS) reports it has completed the construction and commissioning of its Bay 13 at the Houston Terminal (OTH), adding nine new tanks, with a combined capacity of 204,000 barrels. The new tanks are a combination of stainless steel and carbon steel, and each tank has been engineered with positive pressure systems and full automation, Odfjell said. The newly commissioned bay is specifically designed for the storage needs of specialty chemical products, the company added."As we continue to invest in our assets…

Maersk's first-of-its-kind methanol dual-fuel containership made history on July 16 when it became the first to bunker methanol.The newly built vessel bunkered 1,000 metric tonnes of the cleaner burning fuel at Odfjell Terminals Korea in Ulsan  before embarking on its 21,500-kilometer maiden voyage toward Copenhagen, where she will be officially named in September.“This journey is an important step in our efforts to reach net zero greenhouse gas emissions by 2040, as it will allow…

Odfjell is constructing a new tank bay at Odfjell Terminal Houston (OTH), continuing to expand and invest in its terminals platform to support ongoing regional growth in the chemical industry.The company is investing in and expanding its terminals platform with the addition of a new, modern, automated tank bay. Bay 13 at Odfjell Terminals Houston (OTH) will increase capacity by approximately 9% to 413,400 cubic meters (cbm). The expansion project is consistent with OTH's strategy…

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.

Odfjell SE has reported its results for Third Quarter 2018. The results reflect a stable chemical tanker market and stable underlying results from Odfjell Terminals when adjusting for the Rotterdam terminal.Odfjell SE reports EBITDA of USD 32 million compared with USD 37 million in the previous quarter.Highlights for the third quarter of 2018:• EBITDA of USD 27 million from Odfjell Tankers compared to USD 28 million in second quarter• ODFIX was down 2.0% for the quarter compared…

Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands (Koole) to sell its 100% ownership of Odfjell Terminals Rotterdam (OTR).The sale will generate USD 100 million of cash proceeds to Odfjell. Odfjell announced that the transaction has closed.According to  Koole Terminals, Odfjell Terminals will be rebranded to Koole Tankstorage Botlek (KTB). Located in the heart of the Port of Rotterdam, KTB stores both chemical and mineral oil products and operates a PID facility.John Kraakman, CEO Koole Terminals: “We are pleased to extend our terminal network and will work hard to transform KTB further into a state of the art terminal, where safety is our priority number one.

Norwegian shipping and tank terminal company Odfjell SE announced on Thursday that it has finalized the sale of its tank terminal in Europe's largest port.The company announced in July that Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands to sell its 100 percent ownership of Odfjell Terminals Rotterdam in a move to help reduce debt. Odfjell said the sale has generated $100 million of cash proceeds.The terminal in the Port of Rotterdam has total storage capacity of 1,622,000 cbm in 270 tanks.

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.

Odfjell Terminals B.V. has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50 percent ownership in Oiltanking Odfjell Terminal Singapore Pte Ltd for a price around $300 million. This implies an enterprise value of around $330 million for Odfjell Terminals B.V.'s share in the Singapore terminal. “This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities in our core markets, such as Houston and Rotterdam," said Frank Erkelens, CEO of Odfjell Terminals B.V. The transaction will result in a net gain for Odfjell SE of approximately $135 million (Odfjell SE's share).

Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened. For the full year, Odfjell reports net results of USD 100 million, compared with net results of USD -36 million in 2015, and improved full year EBITDA to USD 238 million, from USD 190 million in 2015. The Q4 results show stable underlying operational performance, but softer markets impacted the net result which ended at USD 43 million. including capital gains and impairments. “Our markets remained challenging, but Odfjell continues to build both financial and operational strength.

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 reported a net result for the first quarter 2016 of $24 millions, with improved EBITDA of $69 million, compared to $45 million last quarter. The company said it has seen a significant reduction in voyage expenses compared to previous quarters mainly due to expiry of bunker hedges. Odfjell Terminals, meanwhile, continues to improve with first profitable quarter since 2013. “We are pleased to see the increasing benefits from our cost cutting and efficiency program last year, which is now fundamentally changing the competitiveness of Odfjell,” said Kristian Mørch, CEO Odfjell SE. For chemical tankers, Odfjell  said the first quarter was a stronger quarter than the previous in terms of net earnings, with the majority of our vessel classes delivering improved performance.

In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million. The group, which transports and stores bulk liquid chemicals, acids, edible oils and other special products, said it saw steady general improvement in the chemical tanker market with improved earnings in the deep-sea segment as well as in the remaining regional operations. The Odfjell chemical freight index rose 5 percent compared with the previous quarter.

Odfjell reported third quarter 2014 chemical tankers EBITDA of $26 million, compared with $24 million in second quarter, as activity in the chemical tanker markets in third quarter was quite similar that of the previous period. Reduced spot trading to Asia from Europe and the U.S. caused downward pressure on freight rates as fewer cargoes where available. Time-charter results were down by 3%. Towards the end of the quarter the CPP market improved, which the company expects will positively affect also the chemical tanker sector.

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.

Odfjell Terminals Europe and Grand Port Maritime du Havre (GPMH) have today signed a Site Reservation Protocol for a plot of land in the Port of Le Havre to develop a bulk liquid terminal. The planned terminal will be located inside the Port of Le Havre along the Grand Canal Maritime and the plot is approximately 31.5 hectares. The first phase will consist of at least 150,000 cbm for storage of petrochemical and petroleum-related products. Construction is currently expected to start in 2015 and the terminal is foreseen to open in 2nd half 2017. The total investment for the first phase is estimated to be about €150-200 million. HAROPA – Port of Le Havre is one of Europe’s largest ports, strategically located by the entrance to River Seine.

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.

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%. Odfjell's shareholding in the tank terminals business delivered an EBITDA of negative $10 million in the first half of the year, heavily impacted by a reorganization charge at our terminal in Rotterdam in May of $11.8 million. The effect of the reorganization is a significantly improved cost base for the terminal going forward.

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.

EBITDA of $37 million is reflecting stable earnings both from chemical tankers and tank terminals in the third quarter. For the chemical tankers business, activity over the summer and through the third quarter held steady and was in line with the second quarter on both contract nominations and spot activity. In September Odfjell signed shipbuilding contracts with Nantong Sinopacific Offshore & Engineering Co., Ltd for the construction of four LPG/Ethylene carriers of 17,000 cbm. This newbuilding order is an important step in our strategy to grow and become a significant operator in the gas market. Our shareholding in tank terminals business contributed an EBITDA of $7 million in third quarter, the same as in previous quarter.

Odfjell SE reported that fourth quarter shows EBITDA of $18 million, compared with $17 million in the fourth quarter of 2012. Time-charter results are down 5% compared with last quarter due to lower volume shipped. Impairment of net $76 million recognized related to Odfjell Terminals (Rotterdam) (OTR). Activities slowed somewhat during the fourth quarter, Odfjell said, and combined with significant delays, scheduling constraints and ensuing cancellations, the result for the quarter trailed the previous quarter.