Odfjell’s tank terminals shareholding delivered an EBITDA of US$4 million in the third quarter. With the exception of the terminals in Rotterdam and Charleston, the terminal results were positive and in line with expectations. The tank terminal group, excluding Rotterdam, had a gross occupancy of 92 percent at end September.
The new terminal in Charleston, USA, has been fully operational since the start of 2014, and contracts for the full capacity are in final negotiations. The addition of new stainless steel tank capacity in Houston was completed early September with full occupancy, and the new 17,150 cbm tank pit construction is underway with expected completion in Q4 2015. The construction of the Tianjin Terminal in China is progressing with start of operations scheduled in Q1 2015.
Odfjell Terminals (Rotterdam)’s EBITDA for third quarter ended negative $6 million. The main part of the re-organisation and subsequent reduction of staff was completed as per 1 August 2014. This has improved the cost base for the company, a group statement said. The commercial focus remains on improving utilisation of the distillation units, to which end two tank-pits supporting these units will be re-commissioned in Q4 2014.