REPORT 2ND QUARTER 2011
Report First Six Months 2011
ODFJELL SE – CONSOLIDATED
• First six months net result of USD 16 million,
EBITDA of USD 83 million and EBIT of USD
44 million
• Chemical tanker market still not sustainable,
although time-charter results increased by 4%
compared to first quarter
• Stable results from tank terminals
• Hedging of bunkers and currency increased
EBITDA by USD 5 million second quarter
2011
• Compensation of USD 50.7 million received
from Sevmash
• Delivery of two newbuildings
• Four ships sold, including two units for
recycling, at a capital gain of USD 25 million
• Joint venture established with Euroceanica
Ltd for trading of all chemical tankers
operated by Crystal Pool and Odfjell in the
European short-sea market
• Letter of Intent signed for sale of 49% share of
Rotterdam and Houston terminals as well as
in Greenfield project in Charleston, South
Carolina. Agreement finalised and signed
August 15th.
Results
The consolidated net result before tax ended at
USD 24 million for first half 2011, compared to
a loss of USD 16 million for first half 2010.
Earnings before interest, taxes, depreciation and
amortisation (EBITDA) first half 2011 were
USD 83 million compared to USD 87 million
first half last year. The operating result (EBIT)
was USD 44 million first half 2011 as compared
to USD 9 million the same period last year.
Operating expenses as well as general and
administrative expenses were higher first half of
2011 than in the same period of 2010, mainly
due to currency impact. Net financial expenses
first half 2011 were USD 20 million, compared
to USD 25 million first half 2010. The decrease
was mainly unrealized gains on currency swaps
intended for hedging, but which did not qualify
for hedge accounting. The average USD/NOK
exchange rate first half 2011 was 5.57,
compared to 6.04 in the same period last year.
The USD decreased against NOK from 5.85 at
year-end 2010 to 5.37 at 30 June 2011. Tax cost
was USD 9 million first half 2011, compared to
USD 51 million first half 2010 (of which USD
42 million was due to the implementation of the
Norwegian tonnage tax).
Business Segments
Chemical Tankers
EBITDA first half 2011 for our chemical
tankers segment ended at USD 28 million,
compared to USD 32 million in the same period
2010. Operating result (EBIT) shows a result of
USD 7 million first half 2011, compared to a
loss of USD 30 million the same period of
2010. Time-charter results expressed in USD
per day increased by 9% first half 2011
compared to same period last year, increasing
by 4% from first to second quarter this year.
Volume and utilisation were somewhat higher
during second quarter, whilst the CoA share
remained about 50%. The average cost of
bunkers first half 2011 was USD 509 per tonne,
compared to USD 377 per tonne the same
period last year. The average cost of bunkers
increased from USD 478 per tonne in first
quarter 2011 to USD 531 in second quarter.
Bunker hedging gave an income of USD 8.9
million first half 2011 compared to USD 18
million first half 2010. Operating expenses on a
comparable fleet basis were 1.3% lower first
half 2011 as compared to the full year 2010
figure.
In January Bow Favour (37,438 dwt/built 2001)
was delivered to new owners. Sister vessel Bow
Century (37,438 dwt/built 2000) was delivered
to the same owners in April. In January Bow
Panther (40,263 dwt/built 1986) and in May MT
Bow Puma (40,092 dwt/built 1986) were
delivered to new owners for recycling.
In May Odfjell took delivery of Bow Lind
(44,000 dwt/built 2011) from SLS Shipbuilding
Co Ltd, Korea. The vessel is a fully IMO II/III
chemical tanker with 29 coated tanks. The
vessel has entered the NCC Odfjell Chemical
Tankers pool. We took delivery of the sister
vessel Bow Elm (44,000 dwt/built 2011) in
March.
During the first six months the time-chartered
vessel Bow De Jin was redelivered to its owner.
In addition six other 19,000 dwt pool ships were
redelivered to their respective owners.
In May Odfjell received USD 50.7 million from
Sevmash following the Russian Supreme
Court’s rejection of the appeal from the yard.
The amount includes the award from the
arbitration panel in Stockholm, legal costs and
accumulated interest.
Tank Terminals
First half 2011 EBITDA for our tank terminal
activities ended at USD 55 million, same as last
year. EBIT first half 2011 was USD 38 million,
compared to USD 39 million last year.
The Odfjell Terminals (Rotterdam) EBITDA
was USD 21 million in first half 2011,
compared to USD 24 million last year. The
result was positively impacted by a stronger
Euro to the USD, but this was offset by weaker
results from principally the distillation business.
Odfjell Terminals (Houston) achieved an
EBITDA of USD 14 million in first half 2011,
same as last year. Odfjell’s share of the
terminals in Oman, Korea, Singapore and China
delivered an EBITDA of USD 21 million first
half 2011, up from USD 18 million same period
2010.
Odfjell announced today that an agreement had
been signed to form a strategic partnership with
affiliates of US-based private equity firm
Lindsey Goldberg LLC. Through the
transaction Lindsay Goldberg will acquire a
49% indirect interest in each of Odfjell's tank
terminals in Rotterdam and Houston as well as
in the greenfield project in Charleston, South
Carolina for a total consideration of about USD
250 million in cash, representing capital gain of
USD 270 million and thereby increasing our
equity ratio from 30.5% to about 39%. Odfjell
will retain the remaining 51% ownership stake.
The partnership will enhance our platform for
organic and strategic investments and
expansions in the tank terminal business in
Europe and North America. We believe there
are attractive expansion opportunities in the
tank terminal sector, and consider Lindsay
Goldberg as a reliable long-term partner with a
shared strategic view and ambition.
Key Figures
First half 2011 return on equity was 0.1% and
return on total assets was 1.9%. Return on
capital employed (ROCE) was 2.7% first half
2011. Earnings per share amounted to USD
0.20 (NOK 1.10) first half 2011, compared to
minus USD 0.32 (minus NOK 5.08) in 2010.
Cash flow per share was USD 1.08 (NOK 6.03),
compared to USD 0.66 (NOK 4.00). As per 30
June 2011 the Price/Cash flow ratio was 4.5.
Based on book value the Enterprise Value
(EV)/EBITDA multiple is 13.0 while, based
upon market value as per 30 June 2011, the
EV/EBITDA multiple is 12.0. Interest coverage
ratio (EBITDA/Net interest expenses) was 3.7
in the first half 2011, compared to 4.7 the first
six months of 2010.
Finance
Cash and cash equivalents and available-forsale investments as of 30 June 2011 were USD
165 million compared to USD 141 million as of
31 December 2010. Odfjell had no undrawn
amounts under our credit facilities as per 30
June 2011. Interest bearing debt increased from
USD 1 526 million year-end 2010 to USD
1 531 million per 30 June 2011. Net interest
bearing debt was USD 1 366 million as per 30
June 2011. The equity ratio was 30.5% as per
30 June 2011 and the current ratio was 0.9.
Shareholder Information
At the end of second quarter 2011 the A-shares
were trading at NOK 43 (USD 8.01), down
20.4% compared to NOK 54 (USD 9.23) yearend 2010. The B-shares were trading at NOK
44 (USD 8.22), down 18.4% from NOK 54
(USD 9.23) year-end 2010. By way of
comparison, the Oslo Stock Exchange
benchmark index decreased by 12.1%, the
marine index decreased by 18.1% and the
transportation index weakened by 19.5% during
the first half. The market capitalisation of
Odfjell was NOK 3.4 billion (USD 0.6 billion)
as per 30 June 2011.
Prospects
There is an increasing concern that the global
economy may be heading for a recession with
the European debt crisis spreading, the US
economy slowing and the worldwide financial
markets facing increased credit risk.
We expect that the oil and bunkers prices will
decline further due to lower global growth
expectations. Going forward the time-charter
results for our chemical tankers are showing a
slight improvement, not least due to better fleet
utilisation. However, prospects are quite
uncertain, and remain at unsustainable levels.
The tank terminal results will remain strong for
the rest of the year, backed by favourable
contract terms and a strong demand for both
storage and service and enhanced by expansion
opportunities through our new partnership with
Lindsay Goldberg.
Statement of Responsibility
We confirm that, to the best of our knowledge,
the condensed set of financial statements for the
first six months of 2011, which has been
prepared in accordance with IAS 34 Interim
Financial Statements, gives a true and fair view
of the Company’s consolidated assets,
liabilities, financial position and results of
operations, and that the interim management
report includes a fair review of the information
required under the Norwegian Securities
Trading Act section 5-6 fourth paragraph.
Bergen, 16 August 2011
THE BOARD OF DIRECTORS
OF ODFJELL SE
Laurence Odfjell
Chairman
Christine Rødsæther
Terje Storeng
B.D. Odfjell
Irene Waage Basili
Jan Hammer
President/CEO
The Odfjell Group is a leading participant in the global market of the seaborne transportation and storage of chemicals and other
speciality bulk liquids. The Odfjell fleet comprises about 85 ships, trading both globally and regionally. The tank terminal division
consists of 9 fully or partially owned tank terminals and 12 associated tank terminals strategic located at important shipping hubs
around the world. The Odfjell Group is headquartered in Bergen, Norway and has more than 20 international offices. Odfjell has
about 3 800 employees and an annual gross revenue of about USD 1.2 billion.
ODFJELL GROUP
Basis for preparation
These consolidated condensed financial statements have been prepared in accordance with IAS 34, “Interim Financial
Reporting”. The interim financial statements are unaudited.
Significant accounting principles
The accounting principles used in the preparation of these financial statements are consistent with those used in the annual
financial statements for the year ended 31 December 2010. These consolidated condensed financial statements should be
read in conjunction with the 2010 annual financial statements, which include a full description of the Group’s accounting
principles.
1.1-31.3
2011
1.4-30.6
2011
1.4-30.6
2010
1.1-30.6
2011
1.1-30.6
2010
1.1-31.12
2010
309)
0)
(117)
(44)
(76)
73)
325)
0)
(128)
(43)
(80)
74)
308)
0)
(116)
(49)
(77)
65)
634)
0)
(245)
(86)
(156)
146)
618)
0)
(226)
(97)
(152)
142)
1 239)
0)
(451)
(198)
(312)
279)
General and administrative expenses
Operating result before depreciation, amortisation and
capital gain (loss) on non-current assets (EBITDA)
(31)
(32)
(27)
(63)
(55)
(110)
42)
41)
38)
83)
87)
169)
Depreciation
Compensation
Capital gain (loss) on non-current assets
Operating result (EBIT)
(35)
-)
18)
24)
(34)
6)
7)
20)
(35)
-)
(4)
(1)
(70)
6)
25)
44)
(73)
-)
(5)
9)
(146)
(6)
17)
Interest income
Interest expenses
Other financial items
Currency gains (losses)
Net financial items
1)
(11)
1)
1)
(9)
1)
(13)
1)
0)
(11)
1)
(10)
-)
(7)
(17)
1)
(24)
2)
1)
(20)
2)
(21)
1)
(7)
(25)
4)
(45)
3)
3)
(36)
Result before taxes
15)
9)
(18)
24)
(16)
(19)
Taxes
Net result
(4)
11)
(4)
5)
(46)
(64)
(9)
16)
(51)
(68)
(60)
(79)
Cash flow hedges changes in fair value
Cash flow hedges transferred to profit and loss statement
Net gain/(loss) on available-for-sale investments
Exchange rate differences on translating foreign operations
Other comprehensive income
12))
(7))
(0))
3))
7))
(4)))
(5)))
(0)))
7)))
(3)))
(17)
(10)
-)
(18)
(45)
8)
(13)
(0)
9)
4)
(12))
(22))
1))
(28))
(61))
14)
(34)
0)
(11)
(31)
Total comprehensive income
18))
2)))
(109)
20)
(129))
(109)
Net result allocated to:
Minority interests
Shareholders
0)
11)
(0))
5))
(0)
(64)
(0)
16)
(0)
(68)
(0)
(79)
Total comprehensive income allocated to:
Minority interests
Shareholders
0)
18)
1)
1)
1)
(110)
1)
19)
1c
(130)
1)
(110)
0.14)
0.14)
0.06
0.06
(0.26)
(0.74)
0.20
0.20
(0.32)
(0.84)
(0.46)
(0.99)
PROFIT AND LOSS STATEMENT
(USD mill)
Gross revenue
Net income from associates
Voyage expenses
Time-charter expenses
Operating expenses
Gross result
OTHER COMPREHENSIVE INCOME
Earnings per share (USD) – basic/diluted – before
retroactive tax
Earnings per share (USD) – basic/diluted
BALANCE SHEET
(USD mill)
Goodwill
Ships
Newbuilding contracts
Tank terminals
Other non-current assets
Investments in associates
Non-current receivables
Total non-current assets
31.3
2011
30.6
2011
30.6
2010
31.12
2010
11
1 160
127
733
96
2
65
2 194
11
1 183
117
756
98
2
66
2 232
10
1 248
136
639
81
2
71
2 187
11
1 215
102
707
93
2
65
2 195
Current receivables
Bunkers and other inventories
Derivative financial instruments
Available-for-sale investments
Cash and cash equivalents
Total current assets
Total assets
196
26
24
29
90
366
2 560
157
28
19
20
145
368
2 601
181
27
61
71
341
2 527
192
29
22
34
107
385
2 580
80
703
6
790
80
706
6
792
80
666
6
752
80
686
6
772
Non-current liabilities
Non-current interest bearing debt
Total non-current liabilities
105
1 223
1 328
104
1 296
1 401
102
1 368
1 470
99
1 256
1 356
Current portion of interest bearing debt
Derivative financial instruments
Current liabilities
Total current liabilities
Total equity and liabilities
267
25
150
442
2 560
235
29
144
407
2 601
158
28
119
305
2 527
270
28
154
451
2 580
Paid in equity
Other equity
Minority interests
Total equity
STATEMENT OF CHANGES IN
EQUITY
(USD mill)
Equity as at 1.1.2010
Comprehensive income
Share sale/repurchase
Equity as at 30.06.2010
Equity as at 1.1.2011
Comprehensive income
Equity as at 30.06.2011
Paid in
equity
Exchange
rate
differences
Fair value
and other
reserves
Retained
equity
Total
other
equity
Minority
interests
Total
equity
81)
-)
(1)
80)
23)
(29)
-)
(7)
24)
(33)
-)
(9)
774)
(68)
(24)
682)
820)
(131)
(24)
666)
5)
1)
-)
6)
906)
(129)
(25)
752)
80)
-)
80)
11)
9)
20)
4))
(5))
(1))
671)
16)
687)
686)
19)
706)
6)
0)
6)
772)
20)
792)
PROFITABILITY
Earnings per share (USD) - basic/diluted - before retroactive tax
Earnings per share (USD) - basic/diluted
Cash flow per share (USD)
Return on total assets *) – before retroactive tax
Return on total assets *)
Return on equity *) – before retroactive tax
Return on equity *)
Return on capital employed *)
FINANCIAL RATIOS
Average number of shares (mill.)
Basic/diluted equity per share (USD)
Share price per A-share (USD)
Debt repayment capability (Years)
Current ratio
Equity ratio
USD/NOK rate at period end
1.1-31.3
2011
0.14
0.14
0.59
1.4%
1.4%
(1.3%)
(1.3%)
2.1%
1.4-30.6
2011
0.06
0.06
0.50
2.5%
2.5%
(2.5%)
(2.5%)
1.9%
1.4-30.6
2010
(0.26)
(0.74)
0.22
(1.5%)
(4.8%)
(7.2%)
(12.6%)
6.8%
1.1-30.6
2011
0.20
0.20
1.08
1.9%
1.9%
0.1%
0.1%
2.7%
78.56
9.97
8.74
12.1
0.8
30.8%
78.56
10.01
8.01
13.2
0.9
30.5%
79.05
9.50
6.12
8.5
1.1
29.7%
78.56
10.01
8.01
12.6
0.9
30.5%
80.04
9.50
6.12
8.5
1.1
29.7%
79.29
9.75
9.23
11.4
1.1
29.9%
5.56
5.37
6.47
5.37
6.47
5.85
1.1-30.6 1.1-31.12
2010
2010
(0.32)
(0.46))
(0.84)
(0.99))
0.66
1.46))
0.1%
0.4%)
(1.6%)
(1.2%)
(4.8%)
(4.2%)
(8.5%)
(9.4%)
3.2%
0.8%)
CASH FLOW STATEMENT
(USD mill)
Net cash flow from operating activities
Net cash flow from investing activities
Net cash flow from financing activities
Effect on cash balances from currency exchange rate
fluctuations
Net change in cash and cash equivalents
33)
3)
(54)
69)
(48)
34)
38)
(49)
(31)
102)
(45)
(20)
80)
(30)
(78)
169)
(56)
(107)
1)
(17)
(1)
54)
(3)
(45)
0)
38)
(4)
(32)
(2)
4)
Opening cash and cash equivalents
Ending cash and cash equivalents
107)
90)
90)
145)
117)
71)
107)
145)
103)
71)
103)
107)
SEGMENT REPORTING
(USD mill)
Chemical Tankers
Tank Terminals
Gross revenue from internal customers
Total gross revenue
248)
62)
(1)
309)
258)
67)
(1)
325)
251)
57)
(1)
308)
507)
130)
(3)
634)
499)
120)
(2)
618)
999)
245)
(5)
1 239)
Chemical Tankers
Tank Terminals
Total operating result before depreciation, amortisation and
capital gain (loss) on non-current assets (EBITDA)
15)
27)
13)
28)
13)
25)
28)
55)
32)
55)
59)
110)
42)
41)
38)
83)
87)
169)
Chemical Tankers
Tank Terminals
Total operating result (EBIT)
6)
19)
24)
1)
19)
20)
(19)
18)
(1)
7)
38)
44)
(30)
39)
9)
(58)
75)
17)
Chemical Tankers
Tank Terminals
Total net result
(0)
11)
11)
(5)
10)
5)
(74)
10)
(64)
(6)
21)
16)
(89)
21)
(68)
(121)
42)
(79)
*) Return ratios are based on annualised results, except for non-recurring items that are included in the relevant period.
FLEET & TERMINAL OVERVIEW as per 08.AUGUST 2011
OWNED:
YEAR
BUILT
2011
2011
2010
2007
2006
2006
2005
2004
2004
2003
2003
2002
1999
1999
1999
1999
1999
1998
1998
1998
1997
1997
1997
1997
1997
1997
1996
1996
1995
1995
1995
1994
1988
1988
1988
1988
1987
1987
1987
1987
1987
1986
1984
1982
1981
DWT
44 000
44 000
51 188
40 085
40 048
40 048
40 036
39 942
39 832
39 842
37 427
37 518
37 395
6 046
6 001
6 000
6 000
37 345
37 369
5 870
17 460
5 870
5 870
37 446
37 479
13 834
10 115
37 455
17 460
37 375
37 166
37 221
24 728
40 258
40 249
40 272
45 655
45 655
45 655
45 507
45 507
33 190
10 259
18 657
33 590
CBM
47 500
47 500
55 300
52 126
52 126
52 126
52 126
52 126
52 126
52 126
40 515
40 515
40 515
6 878
6 864
6 865
6 870
40 515
40 515
5 941
18 620
5 941
5 941
41 487
41 487
15 831
10 956
41 608
18 620
41 608
41 492
41 492
32 458
47 604
47 604
47 604
52 173
52 173
52 173
52 173
52 173
34 500
10 159
22 929
40 956
STAINLESS
STEEL, CBM
52 126
52 126
52 126
52 126
52 126
52 126
52 126
40 515
40 515
40 515
6 878
6 864
6 865
6 870
33 236
33 236
5 941
18 620
5 941
5 941
34 208
34 208
15 831
10 956
34 329
18 620
34 329
34 213
34 213
19 662
2 167
2 167
2 167
2 167
2 167
21 975
6 500
10 849
21 745
NUMBER
OF TANKS
29
29
14
40
40
40
40
40
40
40
47
47
47
14
14
14
14
47
47
20
24
20
20
52
52
29
18
52
24
52
52
52
25
29
29
29
23
23
23
23
23
31
18
31
36
NCC Safa³
NCC Amal³
NCC Huda³
NCC Noor³
Bow Tone
Bow Hector
Southern Jaguar
Stream Mia
Bow Sagami
Bow Harmony
Bow Cape
Bow Kiso
Bow Heron
NCC Haiel³
NCC Dammam³
NCC Sudair³
Bow Lima
Bow Fuji
Bow Plata
Bow Engineer
Bow Sky²
Bow Architect
Bow Rio
Bow Europe
Bow Santos²
Bow Asia²
Bow Singapore²
Bow Americas
Bow de Rich
Bow de Feng
Bow Andino
Bow Jubail²
Bow Mekka²
Bow Riyad²
Bow Baha
2011
2011
2011
2011
2009
2009
2009
2008
2008
2008
2008
2008
2008
2008
2008
2007
2007
2006
2006
2006
2005
2005
2005
2005
2004
2004
2004
2004
2003
2002
2000
1996
1995
1995
1988
45 564
45 564
45 564
45 564
33 600
33 694
19 997
19 702
33 641
33 619
19 971
33 641
33 707
45 953
45 965
46 012
19 900
19 800
19 807
30 086
40 005
30 058
19 990
19 727
19 997
9 901
9 888
19 707
12 452
12 514
16 121
37 499
37 272
37 274
24 728
52 591
52 591
52 591
52 591
37 700
37 386
22 198
22 094
37 238
34 698
22 158
37 215
37 365
54 300
54 300
54 300
22 157
22 140
22 143
35 548
52 126
36 000
21 408
21 573
21 846
10 866
10 867
22 050
13 300
13 289
17 270
41 488
41 588
41 492
32 458
37 700
37 386
22 198
22 094
37 238
34 698
22 158
37 215
37 365
22 157
22 140
22 143
35 548
52 126
36 000
21 408
21 573
21 846
10 866
10 867
22 050
13 300
13 289
17 270
34 209
34 257
34 213
19 662
22
22
22
22
16
16
20
26
16
16
20
16
16
22
22
22
20
22
22
28
40
28
22
36
22
20
20
36
22
22
30
52
52
52
25
JBU Sapphire
2009
19 860
21 701
21 700
16
SHIP
Bow Lind
Bow Elm
Flumar Brasil
Bow Saga¹
Bow Sirius¹
Bow Sea
Bow Summer
Bow Spring ¹
Bow Star
Bow Sun
Bow Firda
Bow Chain
Bow Fortune
Bow Master
Bow Mate
Bow Pilot
Bow Sailor
Bow Cecil
Bow Flora
Bow Balearia
Bow Oceanic
Bow Bracaria
Bow Brasilia
Bow Cardinal
Bow Faith
Bow Aratu
Bow Querida
Bow Cedar
Bow Atlantic
Bow Fagus
Bow Clipper
Bow Flower
Bow Eagle
Bow Cheetah
Bow Leopard
Bow Lion
Bow Peace
Bow Pride
Bow Prosper
Bow Fertility
Bow Fraternity
Bow Victor
Araucaria
Bow Pacifico (50%)
Bow Viking
TIME CHARTERED:
COMMERCIAL MANAGEMENT:
JBU Opal
Northern Wolverine
Northern Lynx
Crystal Atlantica
Crystal Amaranto
Euro Corallo
Crystal Ambra
Euro Mora
Number of ships:
2009
2006
2003
2000
1999
1999
1998
1998
89
19 860
16 000
16 000
16 630
9 931
4 470
8 053
3 760
2 532 973
DELIVERY
2011 / 2012
21 695
17 566
17 634
17 003
10 893
4 452
8 399
3 762
2 904 967
21 700
9 827
9 855
17 003
10 893
4 452
8 399
3 762
1 819 859
16
35
35
22
24
17
22
14
DWT
OWNER
COMMENT
45 000
NCC
2011
2011
2011
9 000
9 000
9 000
Odfjell
Odfjell
Odfjell
2013
2013
13
75 000
75 000
537 000
Odfjell
NCC
¹ Vessel beneficially owned through financial lease.
² Vessel on bare-boat charter.
³ Vessel on variable time charter/pool.
ON ORDER:
YARD
SLS Shipbuilding Co.Ltd.
Korea
Chongqing Chuandong
Shipbuilding Industry Co.Ltd
"
"
Daewoo Shipbuilding and
Marine Engineering Co Ltd
"
Number of newbuildings:
TANK TERMINALS
Odfjell Terminals (Rotterdam) BV
Odfjell Terminals (Houston) Inc
Odfjell Terminals (Jiangyin) Co Ltd
Odfjell Terminals (Dalian) Ltd
Odfjell Terminals (Korea) Co Ltd
Oiltanking Odfjell Terminal Singapore Ltd
Oiltanking Odfjell Terminal & Co. LLC
Exir Chemical Terminals PJSCO
Vopak Terminal Ningbo Ltd
Total owned terminals
Depositos Quimicos Mineros S.A.
Granel Quimica Ltda
Granel Quimica Ltda
Granel Quimica Ltda
Granel Quimica Ltda
Granel Quimica Ltda
Granel Quimica Ltda
Odfjell Terminals Tagsa S.A.
Odfjell Terminals Tagsa S.A.
Terquim S.A.
Terquim S.A.
IMTT-Quebec
Total (incl. Associated terminals)
LOCATION
SHARE
Rotterdam, NL
100 %
Houston, USA
100 %
Jiangyin, China
55 %
Dalian, China
50 %
Onsan, Korea
50 %
Singapore
50 %
Sohar, Oman
29,75 %
BIK, Iran
35 %
Ningbo, China
12,5%
9 terminals
Callao, Peru
Santos I, Brazil
Rio Grande, Brazil
Sao Luis, Brazil
Ladario, Brazil
Triunfo, Brazil
Teresina, Brazil
Buenos Aires, Argentina
Campana, Argentina
San Antonio, Chile
Mejillones, Chile
Quebec, Canada
21 terminals
PROJECTS AND EXPANSIONS
Odfjell Terminals (Charleston) LLC
Odfjell Terminals (Korea) Co Ltd
Oiltanking Odfjell Terminal & Co.LLC
Total expansion owned terminals
Depositos Quimicos Mineros S.A.
LOCATION
Charleston, USA
Onsan, Korea
Sohar, Oman
1 new terminal
Callao, Peru
Granel Quimica Ltda
Granel Quimica Ltda
Terquim S.A.
Total expansion (incl. Associated terminals)
Aracruz, Brazil
Santos II, Brazil
Mejillones, Chile
3 new terminals
Grand total (incl. Associated terminals)
24 terminals
SHARE
100 %
50 %
29,75 %
CBM
1 635 000
331 338
99 800
119 750
250 590
365 000
1 267 500
22 000
65 550
4 156 528
50 380
97 720
61 150
75 710
8 060
12 000
7 640
47 140
62 980
32 840
17 000
293 130
4 922 278
CBM
56 000
63 120
27 300
146 420
2 600
STAINLESS
STEEL, CBM
33 000
82 035
30 000
18 350
15 860
13 520
1 000
7 900
201 665
1 600
19 880
2 900
530
10 190
5 500
242 265
7 vessels
NUMBER
OF TANKS
281
100
22
51
70
79
54
18
38
713
39
99
32
35
6
2
6
87
88
25
7
53
1 192
ESTIMATED
STAINLESS
STEEL, CBM COMPLETION
ready Q1 2013
ready Q3 2011
ready Q3 2012
1 300
ready Q4 2011
30 000
52 000
50 000
281 020
1 300
5 203 298
243 565
ready Q3 2014
ready Q4 2012
ready Q4 2012
ODFJELL SE
Conrad Mohrsv. 29,
P.O. Box 6101 Postterminalen
5892 Bergen, NORWAY
Tel: +47 5527 0000
Fax: +47 5528 4741
E-mail: [email protected]
www.odfjell.com
Org. no: 930 192 503