Norway-based Odfjells Tank Terminals division has seen a fall in EBIT in the first half of 2010 over the same period in 2009.
While first half 2010 EBITDA ended at US$55 million (43.3 million), up from $53 million in the first half of 2009, EBIT first half 2010 was $39 million, compared to $40 million last year. The result is primarily attributed to increased capacity and continued high occupancy rates.
The Odfjell Terminals (Rotterdam) EBITDA was $24 million in first half 2010, compared to $29 million last year.
The result was negatively impacted by a weaker Euro against the US dollar and also somewhat weaker results from the distillation business. Odfjell Terminals (Houston) shows an EBITDA of $14 million in the first half of 2010, the same as last year.
Odfjells share of the terminals in Oman, Korea, Singapore and China turned in an EBITDA of $18 million.
The tank terminal division consists of eight fully or partially owned tanks terminals and nine associated tank terminals strategically located.