10.05.16. Odfjell’s Terminals reported a slight increase in profit for the first quarter. The group’s shareholding in the tank terminals business delivered an EBITDA of US$11.9 million, up from US$11.4 million in the previous quarter.
Performance was driven in part by revenues from storage and PID distillation in Rotterdam and stable results for the other terminals. The occupancy rate of commercially available capacity was 98 percent, up from 94 pervious in Q4 2015. There was an 11,907 cbm increase in available capacity from last quarter to a total of just under 4 million cbm.
The terminal in Tianjin, China, located in a new industrial development area, is moving forward with the required operating permits. The permit process was severely affected by the explosion in the Tianjin old harbour last year.
The Rotterdam facility is expected to stabilise for the remainder of 2016. Odfjell plans to increase the storage and distillation capacity which will add to the profitability. The performance of the other terminals is otherwise stable.
10th May 2016
