In the first half of 2010 independent storage player Vopak saw a rise in tank storage capacity by 300,000m3 to 28.6 million m3. The Dutch company also experienced a 93% occupancy rate due to a healthy demand for storage.
Group operating profit excluding exceptional items increased 21% from 184.2 million in HY1 2009 to 223 million in HY1 2010.
Vopak Terminal Jakarta, the first independent import and distribution terminal for oil products in Jakarta, Indonesia, was officially opened on 12 April 2010.
Vopak announced the final investment decisions to build new tank terminals or to expand existing capacity at the following locations: expansion of the terminal for the storage of oil products already under construction in Amsterdam Westpoort (Netherlands) with another 570,000m3; expansion of the existing terminal in Fujairah (U.A.E.) with 606,000m3 for the storage of oil products; construction of a new terminal for storage of oil products in Algeciras (Spain) with an initial capacity of 403,000m3; construction of a new terminal for storage of chemical products in Dongguan (China) of 153,000m3; and construction of a new terminal for storage of chemical products in Tianjin (China) of 95,300m3.
Demand for storage and handling of chemical products showed further signs of recovery in the first half of 2010. Following lower demand for chemical products due to the economic turbulence last year, some major chemical producers had decreased their output and started to redesign their supply chains.
Where chemical volumes decreased, alternative products such as biofuels and oil products are stored at some of Vopaks chemicals terminals. Besides a structural recovery of the world economy, the investments in the chemicals industry in the Middle East will have a lasting impact on the global logistics flows of chemical products.
Vopaks worldwide tank terminal network is in an excellent position to address these new opportunities.
Projects under construction will add 4 million m3 of storage capacity in the years 2010, 2011 and 2012. The total investment for Vopak and partners in these projects involves capital expenditure of around 1.9 billion, of which Vopaks total remaining cash spend will be around 0.5 billion.
For 2010 Vopak expects a group operating profit before depreciation and amortisation (EBITDA) of at least 585 million (previously 560 million).
Based on its growth strategy and the positive developments in 2010 Vopak could potentially achieve its 2012 guidance of 625-700 million Group operating profit before depreciation and amortization one year earlier.