Odfjell Terminals has reported an increase in its EBITDA as it experiences stable utilisation and performance during the first quarter of 2019.
The terminal division of Odfjell SE reported EBITDA of $7 million compared to $5 million in the fourth quarter of 2018.
Odfjell Terminals says that its EBITDA margins continue to improve, and it is reaching utilisation levels seen before the restructuring of its terminal division where the divested terminals were large contributors to lift overall margins.
Lindsay Goldburg’s transaction with Nortleaf Capital Partners is expected to close during the first half of 2019 and Lindsay Goldburg has initiated the sales process for Odfjell Terminals Asia. The company says it will review future investment plans in Odfjell Terminals US once Lindsay Goldburg’s transaction with Northleaf is concluded.
Odfjell Terminals’ headquarters in Rotterdam will close in June and will be relocated to Odfjell SE’s headquarters in Bergen, which will result in lower costs.
The company says it expects stable results from Odfjell Terminals for the remainder of 2019.