Vopak puts petroleum terminals up for sale as second-quarter profit drops

Dutch oil along with also chemical storage company Vopak on Friday said This specific would likely consider selling four European petroleum terminals, as increasing competition in fuel markets led to a stronger than expected drop in second-quarter profit.

Vopak’s earnings before interest, taxes, depreciation along with also amortization (EBITDA) dropped 5 percent from the April-June period to 180.7 million euros ($205.6 million), as the occupancy rate of its terminals declined to 85 percent through 0 percent a year earlier.

Analysts in a Reuters poll on average predicted EBITDA would likely fall 2 percent to 188 million euros, with 87 percent of the terminals’ total capacity used.

Occupancy mainly dropped at oil hub terminals along with also Vopak said This specific would likely take 6 to 12 months to see whether This specific could get a not bad cost for its petroleum terminals in Algeciras, Amsterdam, Hamburg along with also Tallinn.

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