01:09:2015 Odfjell’s tank terminals business delivered an EBITDA of US$9.3 million in the second quarter, up from $9 million in the previous quarter. Performance was driven in part by the high demand for spot and mid-term storage due to the oil market contango.
Additional capacity at the terminals in Houston and in Charleston contributed to a slight increase in the EBITDA of the North American terminals, while reorganisation at the Rotterdam distillation site implemented last year improved results, with EDITDA was reduced to -$1.6 million compared with -$2 million in the previous quarter.
The tank terminal group as a whole saw commercial occupancy edge up to 92 percent, against 91 percent last quarter, largely due to progress in Rotterdam, Charleston and Korea.
Odfjell’s Tianjin facility, located in a new industrial development area, was not directly affected by the explosion in the Tianjin old harbour in August. However, the group said the event would most likely delay action on permits, and it now expects operations to commence in October.
Odfjell Terminal (Rotterdam)’s commercially available occupancy at the end of the second quarter was 93 percent, up from 87 percent previously. The four distillation columns were fully operational at the end of the quarter. In the second quarter, an additional 4 percent of capacity was added, with a total of 860,000 cbm being commercially available by end of June compared with 826,000 cbm as of end previous quarter. With the current market activity, Odfjell expects to add further capacity.