Vopak has announced three new projects, all due for completion in mid-2021. At the Linkeroever terminal in Antwerp, 50,000 m³ of new tankage will be installed for chemical products; 40,000 m³ is to be added at the Altamira terminal in Mexico, to handle growing volumes of chemical imports.
Vopak has also set up a joint venture with Shanghai Huayi Group and Guangxi Qinzhou Linhai Industrial, in which Vopak has a 51% share, to build an industrial terminal to support chemical manufacturers in the Quinzhou Chemical Park in south-west China, which will have an initial capacity of 290,000 m³.
Vopak has also reported third quarter adjusted EBITDA of €202.4m, up from €182.7m a year ago; including exceptional items, notably the €192m gain on the sale of the Amsterdam and Hamburg terminals, EBITDA was up 46% at €393.7m and net profit rose from €36.7m to €280.6m. Vopak notes that, for the first three quarters, the EBITDA increase of €71m reflects improved business performance (€23m), positive currency changes (€12m) and the effects of application of the IFRS 16 accounting standards (€36m).
Tank occupancy fell in the quarter, largely due to tanks being taken out of service for conversion ahead of the IMO 2020 bunker fuel mandate, though the company says it has now completed most of the work.[post_title] => Vopak announces growth plans [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => vopak-announces-growth-plans [to_ping] => [pinged] => [post_modified] => 2019-11-04 15:09:19 [post_modified_gmt] => 2019-11-04 15:09:19 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hcblive.com/?p=12339 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )