VTTI has acquired Odfjell’s 50% stake in the 119,200-m3 chemical terminal in Dalian, China for $59m; the Port of Dalian Authority retains the other 50%. The move marks VTTI’s first foray into China, broadening its chemical storage portfolio and “unlocking further growth opportunities”, the company says.
Odfjell had previously signalled it was considering exiting China along with the departure of its former investment partner Lindsay Goldberg, which owns 49% of Odfjell Terminals (China). The sale will result in a net cash gain for Odfjell of $27m and an equity gain of $13m, which will be included in its second quarter figures.
“The sale of Odfjell Terminals (Dalian) 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,” says Kristian Mørch, CEO of Odfjell SE.
“OTD has become a reference within the Chinese terminal industry as a specialty chemicals terminal with an excellent QHSE and operational track record, outstanding customer relations, and by generating stable returns for its shareholders. We believe this transaction is a testament to the quality and resilience of OTD and we are very pleased that PDA now has gained another strong, long-term partner in VTTI,” Mørch adds.[post_title] => Odfjell sells Dalian stake to VTTI [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => odfjell-sells-dalian-stake-to-vtti [to_ping] => [pinged] => [post_modified] => 2020-05-12 10:59:36 [post_modified_gmt] => 2020-05-12 09:59:36 [post_content_filtered] => [post_parent] => 0 [guid] => https://hcblive.com/?p=20886 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )