In announcing its 2019 results today (12 February), Vopak said that it is ‘well-positioned for future developments’ – with its oil terminals prepared for IMO 2020, a growth strategy for LNG, and new investments in hydrogen and solar energy.
Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak, said that 2019 was a ‘successful year’ for the group, with a ‘strong’ EBITDA of €830 million – which was up €96 million on the previous year.
Vopak’s occupancy rate was 84% in 2019 (compared to 86% in 2018), which the company said ‘reflected IMO 2020 capacity conversions during the year and ongoing market conditions at oil hub terminals’.
Weighing up Vopak’s 2019 results and 2020 prospects, Hoekstra said: ‘Over the years 2017-2019, we have been transforming our portfolio through €700 million divestments and €1 billion investments in new growth projects. We successfully divested almost 5 million cbm of oil capacity, mainly in Europe, and bolstered our hub positions. We prepared our oil hub terminals for IMO 2020 and expanded storage capacity in future growth markets. In 2019, we expanded our LNG business in Pakistan and Colombia and started the construction of new industrial terminals in China and the US. Our portfolio is well-positioned for future developments. As part of our new energies focus, we made our first investments in hydrogen and solar.’