Odfjell Finds Buyer for Its Terminal in Rotterdam

first_imgNorwegian shipping and tank terminal company Odfjell SE said that it is about to sell the terminal facility in the port of Rotterdam to its Dutch counterpart Koole Terminals B.V. The move follows the announcement from American private equity firm Lindsay Goldberg (LG) on the sale of its 49 percent shareholding in Odfjell Terminals B.V. (OTBV) and Odfjell’s decision on an outright sale of OTBV subsidiaries Odfjell Terminals Rotterdam (OTR) and Odfjell Terminals Maritiem (OTM).Odfjell, which owns the remaining 51 percent in the OTBV joint venture, said it would cash in USD 155 million from the sale and that Koole will compensate OTBV for all permitted equity injections made in 2018 until closing.The sale is part if Odfjell Terminals efforts to cut debt and, after closing, the intended transaction is expected to cut the company’s debt with around USD 35 million.Odfjell SE’s share of the proceeds at closing is expected to amount to around USD 100 million and result in an estimated book loss for Odfjell SE of around USD 100 million.The sale is subject to the employee consultation procedures being finalized, finalizing documentation and to customary regulatory approvals.“We have been working hard to restore profitability at OTR during the past years, and the terminal is now ready for the next step of development, which will require significant investments,” Kristian Mørch, CEO of Odfjell said.“Koole has great ambitions for the terminal, and we are confident in their ability to realize the value potential this business represents. Following a sale of OTR, Odfjell will have a network of seven tank terminals worldwide. We remain committed to our tank terminals business and will allocate capital for growth of Odfjell Terminals in the years to come.”last_img read more

Matthews’ career best 7-wicket haul hands Barbados dominant victory

first_imgHaley Matthews produced a breathtaking allround performance with bat and ball to run riot over the Leeward Islands as Barbados claimed a seven-wicket victory in their first outing in the Colonial Medical Insurance Women’s Super50 Championship.Playing at the Everest Cricket Club ground, Barbados skittled out Leeward Islands before lunch and then needed just 13.1 overs to overhaul their target.Matthew’s had a career-best haul with the ball, claiming seven scalps for just 27 runs off her 8.4 overs, to bowl out Leeward Islands for just 88, while her opening knock of 23 from 18 balls (4×5) set the foundation for Barbados’ successful run chase.Only three Leeward Islands batters managed to reach double figures with the highest score being 25 while the other highest scores were 13 and 11.Three of Matthews’ victims were bowled while the rest were LBWs and catches; her support came from Shakira Selman who claimed one wicket from 5 overs, conceding just 8 runs.In their chase, Barbados were given a flying start from Matthews before she was out, caught for 23, Captain Deandra Dottin then marshalled her side home, ending unbeaten on 34 (4x4s, 2x6s) to help Barbados win by 7 wickets in just 13.1 overs.Barbados are the reigning champions of the tournament and their next opposition will be Windward Islands at the Providence National Stadium, while Guyana will face Jamaica at Everest and Leeward Islands will take on Trinidad and Tobago at Bourda.last_img read more