Odfjell Sells Stake in China Terminal
Norwegian storage company Odfjell has finalized the sale of its 55% stake in the Jiangyin terminal in China to Yangzijiang Shipbuilding (Holdings) for around $46 million.
The sale was part of Odfjell’s former partner Lindsay Goldberg’s move to divest its 49% shareholding in Odfjell Terminals, which it sold last month to Canadian investor Northleaf Capital Partners for an undisclosed sum.
In view of its exit from Odfjell, Lindsay Goldberg is in the process of selling its stakes in the Asian terminals, having already completed the sale of its shareholdings in Europe and the US. Consequently, Odfjell decided to tag along on the US firm’s sale of its indirect share in Odfjell Terminals (Jiangyin). Net proceeds to Odfjell from the Jiangyin sale are estimated at $21 million.
“This divestment is in line with our strategy to grow and focus on chemical terminals in locations where we can harvest synergies with Odfjell Tankers,” commented Odfjell CEO Kristian Mørch.
Odfjell sold its Rotterdam terminal last September to Koole Terminals for $155 million.
