News, Oil & Gas

Odfjell spends USD 200 million on US expansion

Odfjell Holding (US) Inc reports that ithas secured a USD 200 million 5-year secured credit facility for further expansions from a group of five US banks.

Odfjell Holding (US) Inc is the owner of Odfjell Terminals (Houston) Inc and the brownfield project Odfjell Terminals (Charleston) LLC.

The funds are available through a five-year reducing revolving credit facility and the proceeds are to be used to finance the expansion projects for the Houston and Charleston terminals, general corporate purposes in the respective companies, and to refinance an existing USD 54 million indebtedness at Odfjell Terminals (Houston) Inc.

In a press release, the company says the construction at the Charleston terminal has now started and the project is on track to deliver 80,000 CBM of new tank capacity in 2013. Odfjell Holdings (US) Inc is exploring new expansion opportunities throughout North America driven by the latest chemical expansions.

The Odfjell Group is one of the leading players in the global market for seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet comprises of approximately 100 ships, which trade both globally and regionally. The tank terminal division consists of ten partially owned tank terminals and is part of a network of 12 tank terminals partly owned by related parties. The tank terminals are strategically located within important shipping hubs around the world. The Odfjell Group’s headquarters are in Bergen, Norway, and the Group has more than 20 offices internationally. Odfjell employs around 3, 800 staff.