Norwegian shipping and tank terminal company Odfjell SE has finalized the sale of its indirect 55% equity stake in Odfjell Terminals Jiangyin (OTJ), China, to Yangzijiang Shipbuilding (Holdings) Ltd. for a price of approximately USD 46 million.
The transaction will result in a capital gain expected to be booked in 3Q, and net proceeds to Odfjell estimated at USD 21 million.
Kristian Mørch, CEO of Odfjell, said: “We are pleased to have concluded the sale of our Jiangyin terminal and its jetty at what we believe is a fair valuation that is a testimony to the strength and quality of the investments made since 2007. 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.”
Kristian added: “We appreciate the cooperation we have had with our partner Jiangsu Garson Gas Co., Ltd. in China, and wish them and their new partner Yangzijiang Shipbuilding a successful future in further developing the full potential of the terminal and its jetty.”