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NEWS BULLETIN
STORAGE TERMINALS
ODFJELL MAKES PLANS FOR TANKS
Odfjell has reported revenues from its tank terminal activities of $69.8m for the full year 2019, down from $91.0m a year earlier, although EBITDA improved by 11 per cent to $26.7m. Fourth-quarter revenues and EBITDA were up on the year earlier figures, despite the sale of Odfjell’s interest in the Jiangyin terminal in China during the third quarter. Overall tank utilisation was steady at around 93 per cent for much of 2019, although the Houston terminal was full to the brim all year and will be Odfjell’s main target for growth. Odfjell says it has been discussing investments in its US and Antwerp facilities with its joint venture partners with a view to improving and expanding capacity, and that work in this area will start this year and run through to end 2022. Odfjell is also considering selling its interest in its other Chinese terminals alongside Lindsay Goldberg, its former partner. Further announcements will be made in the coming quarters, Odfjell says. www.odfjell.com
RUBIS CASHES IN ON TERMINALS
Rubis has confirmed that it will sell a 45 per cent shareholding in Rubis Terminal, in which it currently owns 99.4 per cent, to I Squared Capital, a leading global infrastructure investor. The deal, which is subject to regulatory approval in various countries in which Rubis Terminal operates, values the company at some €1,000m, equivalent to 11.2 times its 2018 EBITDA. “The joint venture will accelerate Rubis Terminal’s strategic plan to strengthen its position within its current footprint, diversify its product offerings and explore potential expansion outside of Europe,” Rubis says. The deal is expected to close in the first half of this year. Rubis Terminal experienced a 14 per cent fall in revenues last year to €306m; this was concentrated in its wholesale business, with tank terminals and associated services showing a 4 per cent increase in revenues at €152m. During the fourth quarter Rubis Terminal saw firm demand for petrochemical storage in Rotterdam and Antwerp, with tank occupancy
near 100 per cent, although revenues from French operations were down after late receipt of fertilisers and the ending of a molasses contract. Its Turkish operations rebounded and posted a 133 per cent quarter-on-quarter improvement as the link to Iraq opened up. rubis.fr LBC GROWS IN ROTTERDAM
LBC Tank Terminals is to expand storage capacity at its Rotterdam facility (below), adding 70,000 m3 of new chemical tankage to take total capacity up to 180,000 m3. LBC says the investment is part of a multi-year programme to revamp and expand the Botlek site in order to support the growing market for chemical storage and transhipment in the Port of Rotterdam. As part of the work, LBC is also to expand its newly built deepsea jetty with two new berths. Completion of the project is scheduled for third quarter 2021. www.lbctt.com VESTA ADDS IN ANTWERP
Vesta Terminals has announced a 150,000-m3 expansion of its Antwerp terminal. It plans to build five new 30,000-m3 tanks, specifically to handle jet fuel, and connections to the Central European Pipeline System (CEPS) to provide links to most major airports in north-west Europe. The terminal is already able to handle tankers of up to 160,000 dwt. Construction is due to begin in first quarter 2021 with completion scheduled for 2022. Meanwhile, Vesta commissioned a new barge jetty at the Antwerp terminal last month. It has also introduced the use of a hand-held explosion-proof tablet on which to document the ship/shore safety checklist. This saves time and paper and allows the completed checklist to be sent electronically both to its own office and to the barge. www.vestaterminals.com WIBAX LOOKS FOR SAFETY
Wibax has completed construction of a new double-skin tank at its Norrköping terminal in Sweden. The tank, designed to hold up to 10,000 tonnes of liquid chemicals, is designed to contain any product in case of a leak in the inner tank shell. The tank cost some SKr 21m (€2m).
HCB MONTHLY | MARCH 2020
