Increased Oil Storage Demand Sends Vopak Profits Higher

The company was also actively decreasing capacity as it sold off various assets in the first half of the year.

Increased demand for oil storage has sent Royal Vopak N.V. profits 17 percent higher in the first six months of the year, the company announced in its half-year report. 

Net profit rose to €162.4 million ($186.4 million) from €138.3 million ($158.8 million) in the same period of 2014 while revenues also saw a similar rise to €700.7 million ($804.3 million) from €647.2 million ($743.4 million) 

Results were reportedly largely driven by Europe and the Americas, though demand from Asia was said to be tepid. 

"In Asia, we experienced the effects of the slowdown of economic growth in China and an overall challenging competitive business environment," the company said.

"The Asia division is expected to contribute less in the remainder of the year due to
challenging business circumstances and the initially delayed positive contribution of our new joint venture terminals in China."

In spite of China, overall occupancy rates were at 91 percent in the first half of 2015 compared to 88 percent in the first half of last year, though the company also reported that overall capacity had fallen by 1.1 million cubic metres to 32.7 million cubic metres. 

The decline was largely a result of the company selling off various smaller assets in the United States, Turkey, Sweden and Finland, which it said was a move aimed at aligning "our global terminal network with the long-term trends in the energy, chemicals and gas markets."

Vopak also announced earlier this summer that a buyer had made an offer for all of the company's United Kingdom assets.