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Terminal News

Odfjell Terminals reports lower financials

Odfjell Terminals reports lower financials
Odfjell Terminals has reported an EBITDA of $6 million in its second quarter financials compared to $7 million in the previous quarter.

The storage operator says the main changes in results relate to a $1.6 million impairment related to an ethylene project in Houston after it did not materialise.

Odfjell Terminals US reported stable EBITDA with slightly reduced results from the Charleston terminal being offset by continued strong results from the Houston terminal. Utilisation at the Houston terminal was 100% for the quarter and the terminal continues to benefit from a strong storage market with high throughput activity.

Total average occupancy rate of commercially available capacity remained at a stable level of 93%. The company sold its 55% ownership in Odfjell Terminals Jangyin in July 2019 for $46 million.

The company is committing $7 million in capital expenditure for 2019-2021, of which $4 million is for maintenance and $3 million is for expansion. Odfjell Terminals’ capital expenditure programme for the US will be updated when a new strategy has been concluded together with its new JV partner at the US terminals.

Lindsay Goldberg’s exit from Odfjell Terminals Asia is ongoing. The process is expected to conclude either in the second half of 2019 or early in the first half of 2020.

Odfjell SE reported an EBITDA of $57 million compared to $47 million in the first quarter of 2019 as it continues to benefits from improvements in the chemical tanker market.



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