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Vopak profit surges 33%, readies for IMO 2020 marine fuel transition

01 Aug 2019

Independent tank storage company Royal Vopak posted a 33% jump in profit in the second quarter (Q2) of 2019.

It recorded net profit of EUR 89.6 million (USD 99 million) in Q2 2019, compared to net profit of EUR 67.2 million during the similar quarter last year.

Revenue in Q2 2019 was EUR 316.8 million, 2% higher than revenue of EUR 309.9 million during Q2 2018.

The company storage terminals held an occupancy rate of 85% in the first half of 2019 due to planned temporary conversion activities related to IMO 2020 readiness and ongoing market conditions at oil hub terminals, while other market segments remained solid.

“The first half of 2019 was important as we have taken further steps in the delivery of our strategy and the alignment of our portfolio based on long-term market developments,” said Royal Vopak CEO Eelco Hoekstra.

“We have taken significant new capacity into operations to meet new customers demand. Together with our partners we fully commissioned the industrial terminal PT2SB in Malaysia and celebrated the opening of the LPG export terminal RIPET in Canada. In addition, we expanded our share in the LNG import terminal in Pakistan.

“At present, we have delivered 2.1 million cbm of our 3.2 million cbm expansion program towards the end of 2019. Fuel oil capacity conversions for the IMO 2020 bunker fuel regulations are progressing well and will support new market requirements as from Q4 2019.”

Related: Singapore: Vopak Terminals Sebarok tank expansion enters milestone
RelatedVopak readies storage avails for IMO 2020 0.5% sulphur cap
Related: Vopak 2018 profit inches up 1%, gears itself up for IMO 2020 operations
RelatedVopak: Net profit down 56%, ‘uncertain’ outlook for fuel oil
RelatedVopak readies storage avails for IMO 2020 0.5% sulphur cap
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Photo credit: Royal Vopak
Published: 1 August, 2019

 

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