Majority of Vopak fuel oil capacity conversions complete

The net profit of independent tank storage company Royal Vopak soared 523.9% by on year in the third quarter (Q3) of 2019 partly due to an EUR 192.0 million gain after divestment of its terminals in Amsterdam and Hamburg.

The company’s net profit in Q3 2019 was EUR 287.0 million, compared to net profit of EUR 46.0 million in Q3 2018, according to financial figures released on Monday (4 November).
Its revenue in Q3 2019 was EUR 953.8 million, a 1.74% increase from revenue of EUR 937.5 million

Vopak’s storage terminals was undergoing planned temporary conversion activities related to IMO 2020 readiness during the first half of 2019, leading to an occupancy rate of 84% for its terminals.

“Occupancy rate of 84% [in Q3 2019] reflects planned temporary conversion activities related to IMO 2020 readiness and ongoing market conditions at oil hub terminals, whereas other market segments remained solid,” it stated.

“Most of the fuel oil capacity conversions for the IMO 2020 bunker fuel regulations have been delivered and will support revenues as from Q4 2019,” it updates.

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Related: Vopak 2018 profit inches up 1%, gears itself up for IMO 2020 operations
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Photo credit: Royal Vopak
Published: 5 November, 2019