A joint venture controlled by Odfjell has raised $59m after disposing of its stake in another Chinese terminal.
The move is part of the Norwegian chemical tanker owner's plan to focus on terminals where it can find synergies with its tanker operation.
Odfjell and partner Lindsay Goldberg (LG) agreed to sell their 50% shareholding of Odfjell Terminals (Dalian) to VTTI Group.
OTC is indirectly owned 51% by Odfjell and 49% by LG. Dalian Port Authority owns the rest.
Odfjell will book a profit of $27m and an equity gain of $13m in the second quarter.
Chief executive Kristian Morch said: "The sale of OTD represents another step in the restructuring of our terminal portfolio and is in line with our strategy to focus on chemical terminals where we can harvest synergies with Odfjell Tankers or have another angle for further value creation by Odfjell."
Second sale in a year
The company has been present in Dalian for more than 20 years.
"We believe this transaction is a testament to the quality and resilience of OTD and we are very pleased that PDA now has gained another strong, long-term partner in VTTI," he added.
Last July, the company banked $46m from selling an indirect holding of 55% in a Jiangyin terminal to Yangzijiang Shipbuilding (Holdings), it said.
The move followed the sale by LG of its own stake in the terminal.
In May 2019, Odfjell said LG was considering selling its 49% stake in Odfjell Terminals (OTBV).
LG has been Odfjell's joint venture partner in OTBV's US and European terminals since 2011.
In 2013, this was expanded to include OTBV's global terminal operations.
In 2018, Odfjell completed the sale of its 50% stake in a Singapore terminal for $150m to Macquarie.
