Odfjell sells Singapore tank terminal stake for $300m

Odfjell has sold its 50% stake in a Singapore tank terminal for $300m.

Odfjell Terminals has agreed to sell its 50% stake in Oiltanking Odfjell Terminal Singapore to Macquarie Infrastructure and Real Assets.

Odfjell will book a $135m net gain on the $300m sale of the stake.

“This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities in our core markets, such as Houston and Rotterdam," said Frank Erkelens, ceo of Odfjell Terminals.

The sale is expected to close in Q4 this year subject to regulatory approval.

Posted 20 October 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Marcus Hand

Editor, Seatrade Maritime News

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