Dutch independent terminal company Vopak is to expand its Alemoa terminal in Brazil, adding 20,000 m3 of storage for chemical products.
The terminal, at the port of Santos, which is the largest port in Latin America, specialises in chemical products and is a hub for heated vegetable oils. It has a total capacity of 276,820 m3, with 112 tanks ranging in size from 100–3,746 m3. Vopak says that the expansion will strengthen its position in the Port of Santos, and expects to commission the new tanks in Q2 2023, subject to construction approvals.
Vopak made the announcement as part of its Q3 results. The company overall reported revenues of €297 million, a slight increase from the €292.4 million in Q2 but slightly down on Q3 2019. Its Q3 net profits of €82.9 million are similar to the €83.4 million in Q2, but again, slightly down on Q3 2019. It says that storage demand from oil markets remains ‘robust’, with an occupancy rate of 88% for subsidiaries, and a proportional occupancy rate of 90%, both up from the Q3 2019 figure of 84% for both.
The company says that for the rest of 2020, it will continue to invest in the growth of its global terminal portfolio. It expects its total growth investments for the year to be €500–600 million, including the purchase of three US Gulf Coast terminals from Dow as part of its 50:50 joint venture with BlackRock. In 2021, Vopak plans to invest €300–350 million in growth investments, through existing projects, new business development and pre-final investment decision feasibility studies in new energies including hydrogen.