Vopak generated Q3 revenues of €337.6 million, an increase of €18.1 million or 6 percent compared with €319.5 million in Q3 2013.
The positive contribution of expansion projects commissioned since Q3 2013, including the acquisition of Canterm, in Canada, at the end of Q1 2014 and a positive currency translation effect of €1.4 million, were partly offset by the effect of divestments (€3.7 million).
Average occupancy rate for Vopak’s subsidiaries, excluding joint ventures and associates, was 89 percent, versus 87 percent in Q3 2013. Eelco Hoekstra, chairman of the executive board and CEO, said that although the increase of the Q3 group operating profit and EBITDA was encouraging, the business climate remained “challenging and competitive”.
“Most of our terminals operated in robust product market environments and continued to generate steady results,” he commented. “The higher Q3 result was among others caused by new projects such as the acquisition of Canterm and expansions at Penjuru (Singapore) and Lanshan (China). We also note cyclical developments like the softening of the euro and a contango situation in the oil price, which supported the demand for crude storage in Rotterdam.”