Odfjell has reported a significant increase in its 2016 half year EBITDA compared to the same period last year.
It 2016 first half EBITDA is $129 million, compared to $88 million in the same period last year.
Its terminals segment delivered stable results stable results, with an EBITDA of $12.1 million in the second quarter of 2016, basically flat from $11.9 million in the previous quarter.
There was a 63,000 m3 increase in available capacity from the last quarter, bringing the total to 4.01 million m3 and the occupancy rate was 97%.
A full strategic business review of Odfjell Terminals’ activities has also been announced and it will be led by the new terminal management, headed up by Odfjell Terminals CEO Frank Erkelens. It is due to be completed later this year.
The operators Rotterdam terminal has now delivered positive EBITDA for three consecutive quarter and distillation volumes continue to increase. The Rotterdam results are expected to stabilise at this level for the remainder of 2016.
Performance at the operators other terminals is also expected to be stable. Its facility in Tianjin, China, continues to move forward in obtaining the required operating permits, as the process was severely hampered by the explosion in the old harbour in 2015.
Kirstian Mørch, CEO of Odfjell says: ‘Our markets are currently challenging, but we are pleased to see that the increased competitiveness of Odfjell means that we continue to generate positive results.’