Bergen, Norway-headquartered bulk liquid storage company Odfjell is increasing its global presence.
The companys Oman terminal has recently been awarded two long term contracts for an additional 425,000 m3, scheduled for completion Q1 2011.
In Rotterdam, the company is scheduled to conclude the commissioning of its new deep sea berth during September, adding valuable berth capacity to the terminal.
In the companys terminal sector, first half 2009 EBITDA was $53 million (37 million), up from $48 million in the same period last year.
EBIT first half 2009 was $40 million, compared to $35 million in 2008. The improved result is attributed to increased capacity and good results from the distillation services in Rotterdam and continued strength in the mineral oil market, whereas the chemical market is showing reduced activity.
EBITDA of Odfjell Terminals (Rotterdam) was $29 million in first half 2009, compared to $25 million last year. Odfjell Terminals (Houston) showed an EBITDA of $14 million in first half 2009, the same as last year.
Odfjells share of the terminals in Oman, Korea, Singapore and China turned in an EBITDA of USD 10 million.
In the first half of 2009 the expansion of our tank terminal activities continued with successful commissioning of projects in Oman and Houston. The expansions in Singapore and Korea, and the green field project in Iran, are all scheduled for completion in 2009, the company confirms.
The Odfjell Group is active in the global market of the seaborne transportation and storage of chemicals and other speciality bulk liquids. The tank terminal division consists of eight fully or partially owned tank terminals and nine associated tank terminals strategically located.