New terminals were commissioned in Vopak Tianjin (China) and Vopak Eemshaven (the Netherlands). The terminal in Tianjin, which has been in operation since 18 January 2012, has storage capacity of 95,300 cbm dedicated to the storage of chemicals. This terminal will be expanded by 240,000 cbm for the storage of LPG, expected to be commissioned in 2013. The terminal in Eemshaven began operations on 2 September 2012 and has an initial capacity of 660,000 cbm for the storage of strategic reserves of liquid oil products for European governments. In addition to the acquisition of rock caverns in Gothenburg(Sweden), new capacity was commissioned at existing terminals including Vopak Fujairah (UAE) and Vopak Amsterdam Westpoort (the Netherlands).

All projects currently under construction will add 5.2 million cbm of storage capacity in the period up to and including 2015. For 2013, 1.4 million cbm will be added based on projects under construction, compared to 2.1 million cbm in 2012. For the joint ventures, 100% of the storage capacity is included.

Vopak’s focus is on growing in selected strategic locations. Vopak’s estimated total market share in global independent tank storage decreased from 10.6% in 2011 to 10.2% in 2012. Vopak closely monitors the storage capacity under construction by its competition. In order to strengthen its competitive position, Vopak will remain focused on offering reliable services to its customers based on a safety-focused culture and efficient operation. Based on the announced expansions, Vopak remains well positioned in strategic key locations.

Looking ahead

Some projects, such as the new terminal in Algeciras (Spain) for the storage of oil products (403,000 cbm), Thames Oilport (UK) for the storage of oil products (500,000 cbm), the expansion in Tianjin (China) for the storage of LPG (240,000 cbm), and the expansion of Vopak Banyan (Singapore) by 100,200 cbm for the storage of chemical products, will be commissioned during 2013. However, the majority of the capacity under construction will be commissioned in 2014. The total investment for Vopak and partners of the capacity under construction involves capital expenditure of some EUR 2.1 billion, of which Vopak’s total remaining cash spend will be some EUR 0.6 billion.

Growth perspective

New projects were announced in 2012. In Jubail (Saudi Arabia), a new facility will be constructed with an initial capacity of approximately 250,000 cbm to serve the expansion of the petrochemical and downstream industries. In addition, Vopak and Gasunie have signed an agreement with Royal Dutch Shell as launching customer for the LNG Break Bulk terminal in Rotterdam. In the fourth quarter of 2012, Vopak decided to expand its storage capacity by 236,900 cbm in Vopak Penjuru(Singapore) by 47,000 cbm for chemicals, in Vopak Caojing (China) by 52,400 cbm for chemicals, in Vopak Durban (South Africa) by 51,500 cbm for oil products, in Vopak Alemoa (Brazil) by 37,000 cbm for chemicals, and at various other terminals by 49,000 cbm.

In addition, three new terminals for the storage of oil products will be built in Algeciras (Spain), Hainan (China) and Vopak Pengerang(Malaysia), and a terminal for the storage of chemicals will be constructed in Vopak Dongguan (China). New expansions at existing terminals are under construction at locations including Vopak Europoort (Rotterdam, the Netherlands), Tianjin (China), Vopak Vlaardingen (the Netherlands) and Banyan (Singapore). All projects under construction at year-end 2012 will add  5.2 million cbm of storage capacity in the period up to and including 2015.

Developments and studies for growth

Currently various expansion opportunities  are investigated, both at existing terminals and at new locations for Vopak. These opportunities include possibilities for oil storage terminals in Bahia Las Minas (Panama) and on Bioko Island (Equatorial Guinea), in Perth Amboy (New Jersey, US) and LNG storage possibilities in several locations.