Vopak has reported increased financial results as it commissions additional capacity at PT2SB in Malaysia as well as at its greenfield terminal in Panama.
The global storage operator reported an EBITDA of €215 million compared to €190 million in the first quarter of 2018. Occupancy rates were slightly down, at 86%, which reflects ongoing market conditions at its oil hub locations. However, other product market segments remained solid.
Its EBIT was €137 million compared to €123 million in Q1 2018. Adjusted for positive currency translation effects of €4 million and IFRS 16 effects of €3 million, EBIT increased by €7 million.
Its industrial terminal PT2SB in Malaysia commissioned additional capacity of 718,000 m3, bringing total capacity to 1.46 million m3. Its greenfield terminal Bahia Las Minas in Panama commissioned an initial capacity of 120,000 m3. The remaining capacity of 240,000 m3 will be commissioned before the end of 2019.
Looking ahead, the company’s expansion programme will add 3.2 million m3 in 2018 and 2019. The sale of Algeciras, Amsterdam and Hamburg, with a combined capacity of 2.3 million m3 is expected to be completed in the second half of 2019.
Growth investments amount to around €1 billion for the period 2017-2019.
The company says it is well positioned to grow its global terminal portfolio in line with long-term market developments and targets one to three industrial terminal opportunities and one to three gas investment opportunities in 2019-2020.