Tank storage firm Vopak says all terminals operational amid pandemic

[BENGALURU] Dutch oil and chemical storage company Vopak said on Tuesday it has seen limited impact from the coronavirus outbreak so far and all its terminals remained operational.

The company, which operates tank terminals around the world, added the situation may change going forward. Its focus now is on the short-term delivery and protection of long term value, it said in a statement.

Vopak did not comment on the crude oil market in the statement.

US crude oil futures collapsed below US$0 on Monday for the first time in history, as hundreds of millions of barrels have gushed into storage facilities worldwide.

The industrial storage firm said in February it had seen extra storage inquiries from existing customers due to the coronavirus.

Vopak reported earnings before interest, taxes, depreciation and amortizstion (Ebitda) of 200.2 million euros (S$309.2 million) for the first quarter, down from 214.6 million euros in the same period year ago.

Ahead of Tuesday's report, Jefferies analysts saw Vopak benefiting from higher storage prices and occupancy rates, as well as longer-term contracts. Jefferies forecast an Ebitda slightly above the consensus of 207 million euros. 

REUTERS