Vopak is adding 67,000 m3 of marine gasoil storage at its Sebarok terminal in Singapore to strengthen its position as a bunker hub.
This expansion will allow the terminal to flexibly handle multiple fuels as a result of the IMO's global sulphur cap, which will come into effect in January 2020.
This follows Vopak's earlier announcement to expand capacity for petrol and biofuels at its Jakarta Tank Terminal.
Additionally, the storage company reported its 2017 financials, with an EBITDA of €763 million, a decrease of 4% compared to 2016.
It recorded an occupancy rate of 90%, compared to its 2016 occupancy rate of 93%m primarily as a result of less favourable oil market structures.
Its worldwide storage capacity increased by 1.2 million m3 to 35.9 million m3. Projects currently under development will add 3.1 million m3 of storage capacity by 2019.
The company expects its 2018 performance to be influenced by currency exchange movements of the US dollar and the Singapore dollar, and the currently less favourable oil market structure, which is having an impact on occupancy rates and price levels in hub locations.
It says in its financial reports that with its current expansion programme and its cost efficiency programme, it has the potential to significantly improve its 2019 EBITDA.
Eelco Hoekstra, chairman of the executive board and CEO, says: 'We aim to identify and seize growth opportunities swiftly, ensure timely completion of projects under development and step up the global roll-out of our new digital systems.
'Vopak's growth strategy is directed towards chemical terminals and gas markets, while facilitating the increasing demand for fuels in emerging countries. We will continue to explore and find new possibilities within the LNG infrastructure market, to expand our role as a service provider in the LNG value chain.
'We have taken strategic decisions regarding technology, and we are making substantial investments to deliver the full benefits of the digital transformation in future years to our customers and shareholders.'
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