August 08, 2019 [Petrol Plaza] – Mark Rimmer, Tank Storage Divisional Director, gives his thoughts on the Asian tank storage industry and looks ahead to the sector’s leading event, Tank Storage Asia 2019.
What are the biggest issues currently affecting the Asian tank storage industry?
IMO’s 2020 regulation comes into effect in six months’ time. Whilst this is undoubtedly a positive move to drive down emissions and improve sustainability, questions remain on how the sector will adapt to changes in demand for high and low sulphur fuel oil. Digitalisation and the introduction of automated processes also present new risks, including surrounding data privacy and security, changing customer expectations, cultural transformations, outdated regulations and skill shortages. Singapore’s new Safety Regime has enforced stricter regulations. Tank storage companies should prioritise major hazard prevention, as these have the potential to harm people, damage the environment and destroy facilities, along with corporate reputation.
What trends are you seeing become more prevalent within the tank storage industry?
Pressure from both the public and governments for the tank storage industry to improve its green credentials has made it imperative for companies to pay closer attention to their sustainability and emissions. The global energy transition has driven demand for low carbon energy alternatives over fossil fuels.
As a result, the industry is going through a period of substantial change. New energy systems are emerging thanks to the expansion of renewable fuel types and are something organisations will capitalise on with new services and product offerings. The majority of tank terminal operators have embraced digitalisation in terminal processes in order to improve efficiency, reduce costs and stay ahead of competition. Such organisations have also started to adapt terminal assets to not only increase storage flexibility, but to also incorporate value added services, such as blending and heating.
How do you see tank storage in the region changing?
The key drivers of demand in Asia remain robust – GDP growth, population growth and continued product imbalances. Economic growth, specifically in South East Asian countries, has led to an increased demand for transportation fuel in the region. This means that the future is looking bright for the storage sector, despite some of the current challenges affecting the industry, not only on a regional basis but also globally. The market for storage terminal operators is also optimistic, with many new business opportunities likely to present themselves after the introduction of IMO2020.
What are you most looking forward to about Tank Storage Asia 2019?
This year’s event is championing innovation. Those attending will be able to see the latest technologies and enjoy product demonstrations from the most cutting-edge industry organisations at the Innovation Start-Up Zone. The networking opportunities, including a party at the end of day one, are also something to look forward to. Visitors will have the chance to meet representatives from industry-leading organisations to discuss the latest market conditions and overall industry trends.
The conference programme will host an expert line-up of speakers from top terminals, traders and oil majors. Mark Stuart, the keynote speaker, will deliver a presentation on leadership in the digital age. Mark will outline how organisations should future-proof themselves by embracing technology to evolve successfully and thrive in the digital age. There are also three conference presentations from key terminal operators in the region, including Vopak, Oiltanking and Stolthaven Terminals.
What do companies stand to gain by exhibiting at Tank Storage Asia 2019?
The event will raise the profile of all companies that exhibit. By having a stand at Tank Storage Asia, companies can create a presence and position themselves as key industry players, whilst meeting with potential clients and driving sales. Marketing tools, such as personalised email invitations and banners, social media support, postcard mailing and telemarketing, which are provided free of charge with all stand packages, will help companies promote their attendance at the show in the best way possible. Smart-badges incorporating cutting-edge lead capture technology make it easy for exhibitors to collect details about stand visitors and pursue sales leads after the show has ended.
Why visit Tank Storage Asia 2019?
It’s the industry’s most accessible event, with over 80 leading suppliers present under one roof. Visitors will save on the time and costs required to approach suppliers on an individual basis. Instead, they will experience product solutions and discuss issues face-to-face with exhibitors. In addition, the conference programme will provide invaluable industry insights, which visitors can take home to implement in their own businesses to fuel growth. The numerous networking opportunities are not to be missed as they will put visitors in front of key decision makers, thought leaders and global innovators. This will no doubt lead to the acquisition of quality business leads for all who attend.
What’s new at the show for this year?
Tank Storage Asia 2019 will host an Innovation Start-Up Zone on the show floor. The space will showcase the most forward-thinking product and service developments that the industry has to offer. A terminal operators lounge, hosted by Tank Storage Magazine, will provide a dedicated area for industry professionals to meet with one another, network and relax with complementary refreshments. We’re also encouraging visitors to make use of the event’s official one-to-one networking platform, which will enable them to set up meetings with suppliers and prospects, and manage their schedules.