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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.

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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
 

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Ofiniti eBDN solution chosen by FincoEnergies for marine biofuel ops in ARA region

Development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.

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FincoEnergies MT

Rotterdam-based FincoEnergies, an independent, leading supplier of (bio)fuels and decarbonisation services for the transport sector, will be adopting Ofiniti’s FuelBoss eBDN technology, with operational support from VT Group.

The development takes place on the back of complex logistics and opaque operational processes experienced by the marine (bio)fuel market; which Ofiniti’s FuelBoss eBDN solution seeks to simplify.

“Schedules are becoming increasingly tighter as demand for sustainable biofuels grows,” explains Leon Arets, Trading & Operations Director at FincoEnergies.

“We’re adopting a platform that enhances structure and responsiveness. This digital leap allows us to not only scale efficiently but also deliver greater transparency and operational excellence to our clients.”

A spin-off from global assurance and risk management leader DNV, Ofiniti brings together deep industry know-how with cutting-edge technology. Its flagship platform, FuelBoss, is designed to replace cumbersome manual processes with streamlined digital workflows that boost efficiency and data reliability.

“Our work with LNG suppliers laid the groundwork,” notes Oliver Brix Sparsø, Global Director of Sales at Ofiniti. “But this collaboration with FincoEnergies and VT Group marks the first large-scale commitment to digital delivery workflows for biofuels. It’s a turning point for the region.”

FincoEnergies’ mission, Decarbonising the transport industry together, is grounded in collaboration and innovation. The partnership with Ofiniti and VT Group exemplifies this spirit, combining technological leadership with operational expertise.

“As operators, we continuously look for ways to improve life on board and support our partners,” adds Wouter van Reenen, Business Development Manager at VT Group. “FuelBoss is a strong fit for our operations and those of our chartering clients.”

Related: Ofiniti to digitalise Azane ammonia bunkering operations across Scandinavia
Related: Ofiniti to roll out e-BDNs for Golden Island methanol bunkering operations in Singapore
Related: Global Fuel Supply to adopt FuelBoss by Ofiniti for e-BDN in West Africa
Related: Ofiniti appoints Oliver Brix Sparsø as new Global Director of Sales
Related: Ofiniti acquires Singapore-based Angsana Technology to advance digital bunkering solutions
Related: Singapore: FuelBoss by Ofiniti becomes sixth whitelisted e-BDN solution
Related: Digital bunkering platform Ofiniti successfully spun out from DNV
Related: FuelBoss to continue under new DNV company Ofiniti

 

Photo credit: Ofiniti
Published: 17 June 2025

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China: Shanghai Zhongran and PetroChina Shanghai Port to promote bunker fuel blending business

Development will help improve Shanghai Port’s bonded ship fuel supply industry, noted the Shanghai Customs Inspection Office.

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Shanghai Zhongran and PetroChina Shanghai Port meeting

A meeting between representatives of Shanghai Zhongran, Shanghai Port Energy, PetroChina Shanghai Port, and Hongkou Customs took place at the Shanghai Customs Inspection Office on Thursday (12 June).

According to Shanghai Zhongran, the meeting’s objective was to discuss the implementation of a high-sulfur and low-sulfur fuel blending business at Shanghai.

During the meeting, a member of the Shanghai Customs Inspection Office stated it will take the opportunity of PetroChina Shanghai Port to carry out this business to promote the development of enterprises in Hongkou District.

The development will improve the utilisation rate of Shanghai Zhongran bonded storage tanks, improve storage functions, and help improve Shanghai Port’s bonded ship fuel supply industry.

After the meeting, PetroChina Shanghai Port submitted a formal application to Hongkou Customs.

Moving forward, Hongkou Customs will formulate a reconciliation plan, open a special account book, and promote the implementation of this business.

 

Photo credit: Shanghai Zhongran
Published: 17 June 2025

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Newbuilding

NYK Group’s first methanol-fuelled bulk carrier “Green Future” delivered

Vessel is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

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Green Future MT

NYK Group on 13 May received delivery of Green Future, the company’s first methanol dual-fuel bulk carrier, at the TSUNEISHI Factory of TSUNEISHI SHIPBUILDING Co., Ltd. where a naming and delivery ceremony was also held, it said on Thursday (14 June).

The vessel will be chartered by NYK Bulk & Projects Carriers Ltd., an NYK Group company, from KAMBARA KISEN Co., Ltd.

It is the first bulk carrier in the NYK Group to be equipped with a dual-fuel engine that uses methanol and fuel oil.

“Methanol has a lower environmental impact than fuel oil, and by using bio-methanol and e-methanol produced using hydrogen derived from renewable energy sources and recovered carbon dioxide, the vessel achieves significant reductions in greenhouse gas emissions,” it said.

Vessel Particulars
LOA: 199.99 m
Breadth: 32.25 m
Depth: 19.15 m
Deadweight: approx. 65,700 metric tons
Capacity: approx. 81,500 m3
Draft: 13.8 m

Related: Tsuneishi delivers world’s first methanol dual-fuel Ultramax bulker to NYK
Related: Japan: NYK to time-charter its first methanol-fuelled bulk carrier

 

Photo credit: NYK Group
Published: 17 June 2025

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