Rotterdam's a drag

摘要

The situation at Odfjell Terminals (Rotterdam) (OTR) (see page 48) is having an impact on the financial results of Odfjell SE's tank terminal business, Odfjell Terminals AS, in which US investment firm Lindsay Goldberg has a 49 per cent interest. Odfjells share of EBITDA for the second quarter came in at $7m, down from $9m in the prior period, after taking a hit of $4m on one-off items related to OTR. Odfjell is finding it a struggle getting the terminal back to full capacity, with recommissioning of tanks running behind schedule, primarily due to a shortage of engineering capacity. By the end of June, 1,020,000 m~3 was approved for use and was all covered by contracts. Some three-quarters of the capacity was in use at the end of the quarter. As more tanks come back into use, revenues are expected to improve during the third quarter.