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ADAPT AND THRIVE RESULTS • VOPAK HAS REPORTED A STABLE FIRST HALF AS IT PROGRESSES WITH ITS PLANS TO ADAPT TO THE COMING ENERGY TRANSITION AND CHANGING PRODUCT FLOWS ROYAL VOPAK HAS reported first half revenues of €603.2m, a 2.4 per cent increase over first half 2020, with group EBITDA – excluding exceptional items – rising by 1.0 per cent to €406.6m. The figures for the second quarter were similarly ahead of last year, excepting that Vopak booked another impairment charge, amounting to €69.7m, recognising “a further deteriorating business environment and lower occupancy rates in the first half of 2021” at the Bahia las Minas
and cost efficiency, notwithstanding weak markets. We continued transforming our portfolio for the future and invested more than €146m in growth. “Covid-19 pandemic continues to impact the industries we serve and the disruptions in supply and demand of products indirectly impacted performance,” Hoekstra continues. “The tank storage industry experienced lower earnings as it continues to face supply tightness leading to a lower requirement for
terminal in Panama, which it operates on behalf of Chevron. Commenting on the results, CEO Eelco Hoekstra says: “In the first half of 2021, combined strategic delivery and financial performance was good, driven by contributions from the growth projects
excess storage of products. During these challenging times, we were able to safely serve and support our customers at all our locations around the world. We are positive on the speed of the shift of our portfolio to industrial and gas infrastructure which supports the acceleration in the field of
HCB MONTHLY | SEPTEMBER 2021
new energies and feedstocks. We are pursuing various options to actively contribute towards hydrogen and ammonia logistics, and new infrastructure solutions for CO2 and flow batteries.” Overall tank occupancy averaged 88 per cent during the first half, the same as a year ago. Higher demand in the Netherlands, Belgium and Singapore offset declining volumes at Fujairah and in Panama and Indonesia. NEW AND COMING PROJECTS During the second quarter, the first phase of the new Qinzhou terminal, in which Vopak has a 51 per cent interest, started operation. The terminal, near the Vietnamese border in southern China, offers 290,200 m³ of tank capacity for chemicals, with five berths for vessels. Since the end of the quarter, the new Vopak Terminal Corpus Christi completed cold
AS IT LOOKS TO A LOWER CARBON FUTURE, VOPAK IS FOCUSING ON DEVELOPMENTS IN GROWTH MARKETS IN CHINA AND INDIA AND IN PROJECTS TO SERVE INNOVATIVE FUELS AND MEET SUSTAINABILITY TARGETS
