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

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Dutch oil and chemical storage company Vopak on Friday said it would 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 and amortization (EBITDA) dropped 5 percent in the April-June period to 180.7 million euros ($205.6 million), as the occupancy rate of its terminals declined to 85 percent from 90 percent a year earlier.

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

Occupancy mainly dropped at oil hub terminals and Vopak said it would take 6 to 12 months to see whether it could get a good price for its petroleum terminals in Algeciras, Amsterdam, Hamburg and Tallinn.

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