Despite some lower occupancy rates in certain locations, the overall demand for oil storage services remains robust and for chemical storage services relatively steady.

Although we have experienced some improvements in the market for the storage and handling of biofuel products in 2012, the flows continue to be unpredictable. Vopak continuously monitors the business consequences resulting from the economic turbulence.

Following the expected growth of global energy and chemical use and the increasing geographical imbalance between production and (industrial) consumption, Vopak continues to explore opportunities to further execute its focused strategy at both existing and new locations for a broad range of products.

In the third quarter of 2012, we have completed the joint acquisition of the assets of the former Coryton refinery in the UK with the objective to create a state-of-the-art import and distribution terminal for oil products.

In addition, we are proud to have commissioned on time and within budget a new storage terminal for strategic oil reserves in Eemshaven (the Netherlands).

With a year-to-date EBITDA of EUR 572.8 million, Vopak remains on track to achieve its 2013 outlook of EUR 725-800 million EBITDA in 2012. Based on the current projects under construction and the potential opportunities for further expansion of Vopak’s network of terminals, it is our ambition to realize an EBITDA of EUR 1 billion in 2016. In this landmark year, we will celebrate our history of 400 years of entrepreneurship.”

Highlights for the third quarter 2012: 

• Third quarter group operating profit -excluding exceptional items- rose by 19% to EUR 144.0 million (Q3 2011: EUR 121.3 million). 
• Year to date group operating profit -excluding exceptional items- increased by 25% to EUR 423.9 million (YTD 2011: EUR 339.2 million). 
• During the third quarter of 2012 worldwide storage capacity increased by 0.7 million cbm to a total of 29.9 million cbm.

Outlook:

• Projects under construction (including Thames Oil Port) will add 4.7 million cbm of storage capacity in the years up to and including 2014. The total investment for Vopak and partners in expansion projects under construction involves capital expenditure of some EUR 1.5 billion, of which Vopak’s total remaining cash spend will be some EUR 0.4 billion. 
• Vopak remains on track to achieve its 2013 outlook of EUR 725-800 million Group operating profit before depreciation and amortization (EBITDA) in 2012 (2011: EUR 636 million).