16.11.15. Odfjell’s tank terminals business delivered an EBITDA of US$9.9 million in the third quarter, up from $9.6 million in the previous quarter.
Performance was driven in part by revenues at the PID distillation unit in Rotterdam and continued high demand for spot and mid-term storage due to the oil market contango.
Additional available capacity at the terminals in Houston and Charleston contributed to a slight increase in EBITDA at the North American terminals.
Odfjell Terminals (Rotterdam)’s PID business and the reorganisation strategy implemented last year have improved the results further, and the EDITDA was improved further to -$0.76 million compared with a loss of $1.6 million in the previous quarter. Furthermore, the cash flow at all terminals improved due to the cost saving plans implemented last year.
The occupancy rate for commercially available space stands at 94 percent, up from 92 percent last quarter, also with a slight increase in available capacity in the period. The Tianjin, China terminal, located in a new industrial development area, was not directly affected by the explosion in the Tianjin old harbour in July this year. However, the event will most likely delay the process of obtaining the necessary operational permits for Odfjell’s new terminal.