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Vopak announces 1H18 financial results and series of investments

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Tanks and Terminals,

Vopak has announced financial results for 1H18 and released details of investments and a strategic review into its terminal assets.

The company recorded EBITDA of €371 million in 1H18, compared to €394 million in 1H17. Its occupancy rate was 86%, 5% less than the previous year, which was attributed to lower rented capacity primarily at oil hub terminals as a result of a less favourable oil market structure.

Vopak is to expand its chemical terminal in Merak, Indonesia, from its current capacity of 50 000 m3 to 131 000 m3; the expansion is anticipated to be commissioned in 1Q20.

The company is also to invest in its Europoort terminal in Rotterdam, the Netherlands, in order to support the 0.5% low-sulfur fuel oil bunkering cap to be introduced by the International Maritime Organization in 2020. This is expected to be completed in 2H19.

Additionally, a new jetty will be installed at Terminal Linkeroever in Antwerp, Belgium, while a major service improvement project will be undertaken at Terminal Penjuru in Singapore, to service Singapore’s chemical market.

A strategic review will be conducted and the market value of the company’s terminals in Algeciras, Spain; Amsterdam, the Netherlands; Hamburg, Germany; and Tallinn, Estonia, assessed.

Vopak’s CEO, Eelco Hoekstra, said: "Given the market conditions to date, the results delivered are satisfactory. The execution of our strategy towards 2019 is very well on track and we increased our cost savings target for 2019…In the second half of the year, we will maintain our focus on both short-term performance and long-term value creation for all stakeholders and seize opportunities that are being created in today's market. This enables us to continue storing vital products with care."

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