Sound market fundamentals for storage demand underpinned Vopak’s robust performance in the first quarter of 2016.
In an interim statement update the storage operator says that in line with the outlook for 2016 the company benefited from positive market fundamentals for storage demand and infrastructure services.
It expects the occupancy rate of its global network to exceed 90%. The company has completed the divestment of all its UK assets to Macquarie Capital and Greenergy.
In February, Jubail Chemicals Storage and Services Company entered into a non-recourse project financing. As a result, the initial proportional shareholder loan from Vopak of €86 million was repaid during the first quarter.