Photo: Image Courtesy: Odfjell

Odfjell Finalizes Sale of Rotterdam Tank Terminal

Norwegian shipping and tank terminal company Odfjell SE has finalized the sale of Odfjell Terminals Rotterdam (OTR).

Odfjell Terminals sold its 100% ownership of OTR to the Netherlands-based company Koole Terminals BV.

As informed, the sale will generate USD 100 million of cash proceeds to Odfjell.

The move follows the announcement of American private equity firm Lindsay Goldberg (LG) regarding the disposal of its 49% shareholding in Odfjell Terminals and Odfjell’s decision on an outright sale of Odfjell Terminals’ subsidiaries OTR and Odfjell Terminals Maritiem (OTM).

Odfjell earlier said the transaction is part of Odfjell Terminals’ efforts to cut debt.

Specialized in seaborne transportation and storage of chemicals and other specialty bulk liquids, Odfjell has a fleet of some 83 ships, which trade both globally and regionally. The company’s tank terminal division consists of eight tank terminals and is part of a network of another 13 tank terminals partly owned by related parties.