EMEA News
Vopak Sees Strong Demand for Oil Products Storage
Dutch oil products storage firm Vopak is upbeat on storage demand for the rest of the year as states recalibrate their energy needs in a dynamic energy market.
Western countries are rebuilding stocks and investing in terminals and floating storage and regasification units to absorb extra supply from the US and other major producers, according to Reuters.
"Flows have changed quite a bit due to the Russian crisis, which is beneficial for the storage market because supply chains are more difficult and have been amended," Vopak's finance head, Michiel Gilsing, was quoted as saying.
"Some products now move via the Middle East to other locations while in the past there was maybe a direct point-to-point delivery," Gilsing added.
Vopak expected its adjusted earnings before interest, taxes, depreciation and amortisation to exceed EUR 950 million ($1.04 billion) this year.
It had previously forecast an annual EBITDA of between EUR 910 million and EUR 950 million, up from EUR 887.2 million in 2022, the report said.
