November 12, 2018 [Tank Storage Magazine] - Odfjell has reported stable financial results for the third quarter of 2019, with an EBITDA of $32 million.
The company’s terminals segment reported an EBITDA of $4 million compared to $9 million in the second quarter. It reported losses of $16 million related to the sale of the Rotterdam terminal that included currency translation and tax losses in addition to transaction costs.
The segment’s financial was impacted by the fuel oil spill in the Rotterdam harbour, interrupting storage and distillation business due to the closure of the port. The sale of the terminal also led to fewer days of income contribution for the terminal.
The result was also impacted by higher G&A related to the restructuring of the Odfjell Terminals organisation. The company’s US terminals showed a stable EBITDA of $4.4 million compared to the previous quarter thanks to strong market demand and high activity in the country.
Odfjell CEO Kristian Mørch says: ‘Adjusting for the Rotterdam terminal, our terminal division delivered stable results. We have positioned ourselves well for the future, both within tankers and terminals, with one of the most energy efficient fleets in the world.‘
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