EMEA News
Estonia Terminals Downsizing Operations
Estonian terminal operator Vopak E.O.S. is downsizing its operations as a result of a difficult market, according to Royal Vopak (Vopak), which is a 50 percent owner of the company, a joint venture with Global Ports Investments.
"Over the past few years, the difficult business environment and increased competition from new Russian facilities have impacted throughput volumes at our terminals," said Arnout Lugtmeijer, CEO of Vopak E.O.S.
"At the same time, we have been able to promote the technological and logistical advantages of our facility to a broader group of customers, diversifying the cargo base which is now being increasingly delivered to the terminal by vessels.
"We have therefore initiated the process to align our organization with these developments."
Staff will be relocated where appropriate, according to Lugtmeijer, who said the realignment will take place over the course of 2014.
Vopak E.O.S. said it continues to look for new business opportunities.
The company operates four terminals, Termoil, Trendgate, Pakterminal, and Stivterminal, with a total storage capacity of more than one million cubic meters.
In its announcement of financial results for Q3 2013, Vopak reported "a continued challenging market situation for specific European product-market combinations in Rotterdam (Netherlands) and Estonia."
