EMEA News
Vopak Revenues Up On Higher Average Occupancy Rate
Rotterdam-based tank farm operator Vopak Friday announced its latest financial results, reporting improved revenues on higher storage utilisation.
The average occupancy rate for Vopak's subsidiaries for 2015 increased to 92 percent compared to 88 percent in 2014.
Revenue on an EBITDA-basis came in at €812 million (US $887 million), a six percent increase on the €763 million (US $833 million) reported in 2014.
Gross cash flows from operating activities increased by ten percent to €867 million (US $947 million).
The numbers including exceptional items after taxation amounted to a loss of €43 million ($47 million); the tax loss related to charges on the divestment of US terminals.
Vopak said the increase in revenues was mainly driven by a "higher average occupancy rate primarily in the Netherlands and EMEA due to the positive sentiment in the market for oil products."
The positive developments were partially offset by the effect of divestments and a decrease in revenues in China and Singapore, markets that were faced with a "more competitive and dynamic spot market and changes in the product mix, resulting in lower occupancy rates," according to the release.
"Looking ahead, we expect 2016 occupancy rates of our global terminal network to exceed 90%, supported by our diversified portfolio... healthy contract coverage and strong supply chain positions," said the release.
"We observed a gradual pickup in advanced economies and a slowdown in emerging markets and developing countries. In North America, the underlying drivers for acceleration in consumption and investment remained intact. Further, the economic recovery in Europe has developed positively, with a robust improvement in domestic demand," said Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak.
"However, this year was dominated by China's uncertain growth perspective, increased economic sensitivity to lower commodity prices and the heightened geopolitical tensions in certain regions," said Hoekstra.
The company partly restructured its terminal portfolio in 2015, and most recently, as Ship & Bunker previously reported, in December Vopak agreed to sell all of its UK terminals: Vopak Terminal London, Vopak Terminal Teesside and Vopak Terminal Windmill.
In January Vopak completed the sale of a 33 percent stake in the Thames Oilport (formerly the Coryton refinery) to Greenergy.
The company commissioned new developments at Pengerang Independent Terminals in Malaysia, a joint venture oil terminal in Hainan in China and the first phase of their associate industrial chemical terminal in Jubail, Saudi Arabia.
The project will deliver 4.2 million cbm of new storage capacity by 2020.
Earlier this month Ship & Bunker reported that Vopak had received the first delivery at its new liquefied petroleum gas facility at Banyan terminal, Jurong Island, Singapore.
