Terminals expansions

Building on a portfolio of strong assets, more than half a century of track record, and the benefits of being both a shipping and terminal company, we have established a healthy platform for future growth.

Our priority is to fully develop the potential within our existing footprint by developing new capacity on available land. Such expansions represent some of the most attractive and accretive investment opportunities available to us.

Economies of scale, disciplined and modular execution, and a clear view of market demand provide for projects with highly attractive risk-adjusted returns.

Since 2018, we have completed the build-out of eight new tank pits across NNOAT and OTH, totaling approximately 276,000 cbm and an aggregate investment of around USD 240 million. All projects are generating attractive returns, with estimated equity IRRs ranging from the mid-teens to high twenties. These expansions stand as an example of what can be achieved with a clear vision and a disciplined approach to growth.

Looking ahead, all terminals have land available for further expansion. Together with our joint venture partners, we seek to realize the full potential of our existing terminal assets while also assessing opportunities to expand the platform beyond its current footprint.

Noord Natie Odfjell Antwerp Terminal (NNOAT)

With the completion and commissioning of Tankpit-R and Tankpit-Q in 2025, NNOAT has now delivered seven new tank pits since 2018, adding approximately 156,000 cbm of storage capacity, all while maintaining safe and steady operations throughout the construction periods.

Owing to the dedication and expertise of our engineering and project management teams, and with valuable contributions from our contractors, these expansion projects have been executed according to plan and without compromising safety or operational performance.

Following the successful delivery of Tankpit-Q, NNOAT’s total storage capacity now exceeds 500,000 cbm, representing a significant increase in recent years.

All expansion projects to date have been delivered on time, according to scope, and within budget, demonstrating NNOAT’s strong project execution capabilities. These investments capitalize on existing infrastructure, driving cost efficiency and operational synergies.

With an eye always on the horizon, NNOAT continues to mature its expansion pipeline. Tankpit-S represents the next expansion, supported by long-term customer demand. In addition, the terminal has potential to develop further capacity of up to 80,000 cbm.

Odfjell Terminals Houston (OTH) and Odfjell Terminals Charleston (OTC)

Moving across the Atlantic, Odfjell Terminals Houston (OTH) continues to hold substantial potential for further growth. The Bay 13 expansion project, consisting of nine new tanks totaling 32,433 cbm, was completed at the start of 2024. Bay 13 represents an important milestone for OTH and for the broader Odfjell Terminals organization.

Over 300,000 man-hours went into the execution of the project, at times involving more than 100 contractors working on-site in the heart of a fully operational terminal. Delivering this project on budget, on schedule, and — most importantly — without a single safety incident, stands as a strong testament to Odfjell Terminals’ project execution capabilities.

These expansions collectively illustrate Odfjell’s commitment and ability to grow our terminal infrastructure platform in a disciplined and accretive manner. The projects exemplify Odfjell’s strategic approach to meeting our customers’ storage demands and reinforcing our market position.

Furthermore, “The Point” remains an undeveloped plot with an additional expansion capacity of around 140,000 cbm (+34%), offering direct access to the Gulf of Mexico, avoidance of congestion on the Houston Ship Channel, and proximity to key pipeline networks. It is one of the few remaining sites capable of accommodating two new deep-draft wharves for large chemical vessels.

Similarly, Odfjell Terminals Charleston (OTC), serving customers on the US East Coast, continues to operate reliably and has land available to potentially double its current capacity of approximately 79,200 cbm on Charleston’s Cooper River.

Odfjell Terminals Korea (OTK)

OTK is an example of the inherent option value of available land and terminal infrastructure, where expansion decisions have historically been timed to align with optimal market conditions.

With momentum from S-OIL’s USD 7 billion Shaheen project — a major crude-to-chemical facility being developed near OTK — conditions remain favorable for executing the terminal’s next expansion phase.

The E5 expansion project, which marks the first expansion at OTK in more than a decade, is progressing well. E5 comprises 10 carbon steel tanks, increasing the terminal’s capacity by approximately 28%, with total capacity exceeding 400,000 cbm.

In January 2025, S-OIL and OTK signed a 10-year definitive agreement covering three storage tanks (23,990 cbm) within E5. The expansion is directly connected to Shaheen via pipeline, enabling efficient exports to global markets.

Completion of the E5 expansion is planned in line with the Shaheen project ramp-up, with new capacity expected to come on stream during 2026. This long-term agreement provides a strong foundation for continued cooperation and additional opportunities linked to evolving trade flows in the Ulsan region.

The E5 investment decision represents a major milestone for OTK and reinforces our long-term growth trajectory.

With E5 under execution and additional expansion capacity available on the existing footprint, OTK is well positioned to support future growth driven by customer needs and changing product flows.