Vopak Sees 3% Profit Jump in Q1 on Improved Storage Occupancy

by Ship & Bunker News Team
Wednesday April 24, 2024

Global storage firm Vopak saw a jump in its profits at the start of 2024 with occupancy rates improving.

The firm reported a net profit of EUR 105.8 million in the first quarter, up by 2.6% from the same period a year earlier, it said in an emailed statement on Wednesday. Revenues dropped by 9.3% to EUR 328.2 million.

Vopak's proportional occupancy rate was 93% in Q1, up from 91% in the previous quarter and 92% a year earlier.

"The demand for our infrastructure services remained robust, resulting in an increased proportional occupancy of 93%," CEO Dick Richelle said in the statement.

"Oil and gas markets were strong, driven by a higher demand for energy, and rerouting of supply chains."

The company is in the process of repurposing storage capacity in Singapore, Brazil and the Netherlands from holding conventional transportation fuels to low-carbon ones.