rss icon Subscribe
desktop mobile

Odfjell Sells Stake in Chinese Terminal

Pic: Odfjell SE

Shailaja A. Lakshmi

Norwegian shipping and tank terminal company Odfjell SE has finalized the sale of its indirect 55% equity stake in Odfjell Terminals Jiangyin (OTJ), China.

Reference is made to the stock exchange announcement of May 8th, 2018, in which Odfjell SE (Odfjell) announced that Lindsay Goldberg (LG) is considering a sale of its 49% shareholding in Odfjell Terminals BV.

After LG completed the sales of its shareholdings in the US and European terminals, LG is now in the process of selling its shareholding in the Asian terminals. Connected with this, Odfjell has decided to tag along on LG's sale of its indirect shareholding in Odfjell Terminals (Jiangyin).

Odfjell is pleased to announce that Odfjell Terminals Asia Holding Pte. Ltd. has today finalized the sale of its indirect 55% equity interest in Odfjell Terminals (Jiangyin) Co., Ltd. to Yangzijiang Shipbuilding (Holdings) Ltd. for a price of approximately USD 46 million.

The transaction will result in a capital gain expected to be booked in 3Q, and net proceeds to Odfjell estimated at USD 21 million.

Kristian Mørch, CEO of Odfjell, said: "We are pleased to have concluded the sale of our Jiangyin terminal and its jetty at what we believe is a fair valuation that is a testimony to the strength and quality of the investments made since 2007. This divestment is in line with our strategy to grow and focus on chemical terminals in locations where we can harvest synergies with Odfjell Tankers."

Kristian added: "We appreciate the cooperation we have had with our partner Jiangsu Garson Gas Co., Ltd. in China, and wish them and their new partner Yangzijiang Shipbuilding a successful future in further developing the full potential of the terminal and its jetty."

Jul 16, 2019

 

People & Company News

U.S., China Reach Trade Deal 'in principle'

AdobeStock / © rawf8

The White House has reached a "deal in principle" with Beijing to resolve the 17-month U.S.

Two 'Combi Freighter' Contracts for Alewijnse

Photo courtesy of Alewijnse Marine

Alewijnse Marine has won the contract for the electrical fit-out of two additional Damen Combi

Wärtsilä Sheds ELAC Nautik Business

Wärtsilä has announced the divestment of shares in Wärtsilä ELAC Nautik GmbH (ELAC Nautik) to Cohort plc, a UK listed company.ELAC Nautik became part of Wärtsilä as a result of

Legal

U.S., China Reach Trade Deal 'in principle'

The White House has reached a "deal in principle" with Beijing to resolve the 17-month U.S.-China trade war, according to a source briefed on the trade talks.

Chinese Tanker Spurns Malaysian Inspections

An oil tanker, which shipping data showed was managed by a Chinese company under U.S. sanctions, refused to allow an inspection by maritime authorities while anchored in

Launch Partners Ready for Iridium's GMDSS

The Lars Thrane LT-3100S GMDSS terminal built for the Iridium network, planned for 2020. (Photo: Iridium)

Iridium Communications announced the first seven companies it has authorized to provide its Global

Maritime Apps