Business

Vopak: Net profit down 56%, ‘uncertain’ outlook for fuel oil

Company expanding its Sebarok terminal in Singapore with increased MGO storage capacity to prepare for 2020.

Published

8 years ago

February 19, 2018

Admin

Independent tank storage company Royal Vopak posted a decline in profile for its 2017 financial results.

The firm recorded net profit of EUR 235.4 million in 2017, 56% lower than profit of EUR 534.0 million seen in 2016, according to company records.

Revenue in 2017 was EUR 1.31 billion, 3% lower than EUR 1.35 billion in 2016.

“Despite challenging market conditions, particularly in the oil markets, and following a strong performance in 2016, we had a satisfactory performance in 2017,” said Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak.

“We aim to identify and seize growth opportunities swiftly, ensure timely completion of projects under development and step up the global roll-out of our new digital systems. These steps will improve our financial performance by 2019.”

Regarding developments on the bunker front, Vopak noted the outlook for the fuel oil market to be “uncertain” in the short term however forecast new opportunities in the future.

“The energy transition changes overall mix in demand for oil products and IMO 2020 will impact global fuel oil and bunker markets causing transition challenges in the short-term, but is expected to provide new opportunities in the mid- to long-term.”

Dick Meurs, Division President EMEA at Vopak further noted of the fuel oil and bunker markets negatively affected by certain trends in 2017.

“The continuing refinery upgrade trend in Russia combined with the IMO 2020 implementation was the cause of uncertainty in the bunker and fuel oil market in 2017,” he said.

“This had some impact on occupancy rates and pricing levels at our terminals in Spain and the UAE.

“The reduction in fuel oil supply from Russia, combined with the current geopolitical situation, continued to negatively affect the volumes at our terminal in Estonia.”

Vopak, in the meantime, has made plans to expand its Sebarok terminal in Singapore with 67,000 cubic metres in preparation for the upcoming marine fuel sulphur limit.

“The expansion mainly caters for storage and handling of MGO to strengthen the position of our Sebarok terminal as the bunker hub of choice with flexibilities of handling multiple fuels following the implementation of IMO regulations in 2020.”

Vopak in 2017 introduced new bunkering services at its Sebarok terminal in Singapore allowing vessels to receive bunkers from bunker barges simultaneously while loading or discharging at the terminal.

The introduction of the new bunkering service was a collaboration between BW Pacific, Sinanju Marine Services, and Unicore Fuel; the new service will be progressively expanded to Vopak’s other terminals in Singapore.

Photo credit: Royal Vopak
Published: 19 February 2018

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

17 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026