Dutch oil storage and handling company Royak Vopak says it is in preparations to ready itself for IMO 2020, when the 0.5% sulphur cap for marine fuel takes effect.
It is planning to invest in its Europoort terminal in Rotterdam, the Netherlands, to support 0.5% low sulphur fuel oil bunkering, it said on Thursday in the company’s half year (HY1 2018) report.
“This investment is supported by customer commitments and will be completed in the second half year of 2019,” it notes.
Meanwhile, Vopak reiterated its February-announced plan to expand its Sebarok terminal in Singapore with 67,000 cbm to store marine gas oil.
“The expansion mainly caters for storage and handling of marine gas oil to strengthen the position of our Sebarok terminal with the flexibility of handling multiple fuels following the implementation of the International Marine Organization’s global sulphur cap as of 1 January 2020,” it says.
Vopak posted net profit of EUR 140.2 million in HY1 2018, 7% lower than EUR 150.4 million (USD $171.91 million) in HY1 2017; its revenue was EUR 626.1 million in HY1 2018, 6% lower than EUR 669.3 million in HY1 2017.
"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,” said Royal Vopak CEO Eelco Hoekstra.
He adds: “In our oil hub terminals the priority was to invest for the IMO 2020 bunker fuel regulations.”
“Our terminals in Fujairah, Rotterdam, and Singapore will be fully ready to support new market requirements.”
Published: 20 August, 2018
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