[ID] => 10606
[post_author] => 34
[post_date] => 2019-02-14 12:53:26
[post_date_gmt] => 2019-02-14 12:53:26
[post_content] => Odfjell reports that it has completed the reorganisation of its terminals division, having acquired Lindsay Goldberg’s 12.25 per cent shareholding in the Noord Natie terminal in Antwerp and with Lindsay Goldberg now having agreed to sell its 49 per cent shareholding in Odfjell Terminals US to funds managed by Northleaf Capital Partners.
That deal is expected to close in the first half of the year, after which, Odfjell says, “we are then positioned to develop our US terminal portfolio further”. Odfjell notes that its Houston terminal is experiencing utilisation rates close to 100 per cent and it will be looking at various alternatives for expansion together with its new partner. “We are pleased to welcome a new partner in our US terminals that positions us to develop our US business,” says Kristian Mørch, CEO of Odfjell SE.
In its financial results for 2018, Odfjell Terminals recorded revenues of $91.0m, down from $110.8m in 2017, and EBITDA of $24.0m, again down on 2017’s $38.4m, with both figures reflecting changes in ownership over the course of the year, most notably the sale of the Rotterdam terminal and its associated distillation unit. Odfjell also recognised a $10m impairment on its Tianjin terminal, which has been affected by slow development of the local market.
[post_title] => Odfjell focuses on US growth
[post_status] => publish
[comment_status] => open
[ping_status] => open
[post_name] => odfjell-focuses-us-growth
[post_modified] => 2019-03-07 12:01:11
[post_modified_gmt] => 2019-03-07 12:01:11
[post_parent] => 0
[guid] => https://www.hcblive.com/?p=10606
[menu_order] => 0
[post_type] => post
[comment_count] => 0
[filter] => raw
Odfjell focuses on US growth
// By Peter Mackay on 14 Feb 2019
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