Vopak E.O.S. (VEOS) saw its cargo volumes fall by 35% to 10.4 million tones in 2012.
The company’s sales revenues fell from 220 million euros in 2011 to 179 million euros while operating profit fell from 112 million euros to 88 million euros.

The company’s profit margin wasn’t affected that much, falling from 51% to 49%.

According to the company’s report, the weaker results of VEOS reflect “changes in the competitive situation”. Representatives of VEOS did not agree to give additional comments, referring to concern policy.

The oil transit via Estonian as a whole also fell. While in 2011, 19 million tons of oil and oil products were transported via Estonia by railways, in 2012 the amount was just 14.42 tonnes.

Transit expert Raivo Vare said that last year, Ust-Luga used only 60 percent of their planned capacity and that means that the oil flows in Estonia will contract further and it will mostly hit railways.