Vopak Reports Mixed HY1 2022 Results
08.01.2022 By Ella Keskin - NEWS

August 01, 2022 [TankStorageMag] – Vopak has reported a HY1 2022 EBITDA of €433 million, up €30 million compared to HY1 2021, although net profits are down slightly from €149 million in 2021, to €128 million, due to increased Dutch tax charges.


High energy prices, currency translation effects and increased development expenditures have increased costs to €340 million, compared to €301 million for the same period in 2021. The proportional occupancy rate for HY1 2022 was 86%, down slightly from 88% in HY1 2021, but this was due to continued soft storage markets for oil. However, occupancy rates have increased slightly from Q1 2022 due to good performance in Europe and Africa.

Generally, Vopak says that its results are improving in volatile energy markets and that it is making good progress on its strategic priorities. It is growing its footprint in Asia and China, including with the new partnership with Aegis in India, to create Aegis Vopak Terminals, which will be the largest independent storage provider company for LPG and chemicals in India. It has also recently commissioned 65,000 m3 of new storage capacity at its Caojing industrial terminal in Shanghai, China, of which 40,800 m3 is for ammonia.

On 30 June 2022, Vopak renewed a €1 billion sustainability-linked revolving credit facility (RCF) with 12 international relationship banks. The RCF is linked to performance on three key topics – safety performance, gender diversity in senior management, and reducing greenhouse gas emissions – from Vopak’s sustainability roadmap.

The company also pointed to its announcements about the project to increase the truck loading capabilities and send-out capacity of the Gate LNG terminal in Rotterdam, the Netherlands, its participation in a feasibility study into a green hydrogen supply chain between Portugal and the Netherlands with Shell New Energies NL, Engie and Anthony Veder, and the cooperation agreement with Gasunie to develop terminal infrastructure projects for hydrogen imports into Europe in ports in the Netherlands and Germany.

However, other key developments have been less positive. The company reported a fatality at its Caojing terminal on 6 July 2022, when a Vopak employee fell into water and drowned. An ‘extensive tripod investigation’ to determine to root cause of the tragedy is now underway.

Vopak also reported asset impairment charges of €468 million, as a result of long-term financial projections for inflation pressure, utility process, material and labour costs, as well as its efforts to repurpose some assets in line with the company’s strategic priorities in industrial and gas terminals, new energies and sustainable feedstocks.

Looking forward, Vopak is targeting an operating cash return of at least 10% by 2025, and expects an EBITDA (excluding exceptional items) of €830 million–€850 million in FY 2022. Growth investments for the year are expected to be below € 300 million. Vopak additionally says that it expects the roll-out of the Vopak Terminal System to all of its terminals and joint venture by the end of 2023.

‘We improved our results in the first half in the volatile energy market environment and have momentum in execution towards our strategic priorities. With a growing world population and at the same time the need for decarbonisation, we foresee a rising demand for our independent infrastructure solutions. We have a unique global network of strategic locations, highly competent people and long-term partnerships. We will continue transforming our portfolio and position our company in leading locations towards more sustainable forms of energy and feedstocks,’ says Vopak CEO Dick Richelle.



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