Tank storage firm Vopak's quarterly profit beats estimates (updated)

Stolt-Nielsen

20/04/2022 06:35

(Adds detail, background)
    April 20 (Reuters) - Dutch oil and chemical storage company
Vopak's  VOPA.AS  first-quarter earnings beat market
expectations on Wednesday, boosted by growth projects and a good
performance in the Americas.
    The group reported earnings before interest, taxes,
depreciation and amortisation (EBITDA) of 213.1 million euros
($230.47 million) for the first three months of the year, above
analysts' average estimate of 203 million.
    Vopak, which operates tank terminals worldwide and is
sensitive to changes in oil prices and movements in the global
fuel markets, had a cost level of 165 million euros in the
quarter, mainly related to increases in utility prices and
currency exchange movements.
    The Organization of the Petroleum Exporting Countries (OPEC)
last week cut its forecast for growth in world oil demand in
2022, pointing to the impact of Russia's invasion of Ukraine,
rising inflation and the resurgence of the Omicron coronavirus
variant in China.  urn:newsml:reuters.com:*:nL2N2WA0WY
    Although Vopak warned the war and associated international
sanctions had led to a "volatile and uncertain" market
situation, the group said its direct exposure was limited.
    "There is, however, an indirect exposure through factors
such as utility prices, inflation, market conditions and
exchange rates," the company added.
    According to the International Energy Agency, which plans to
release 240 million oil barrels within six months, the impact of
sanctions and buyer aversion on Russian oil will take full
effect from May onwards.  urn:newsml:reuters.com:*:nL2N2WB0KB
    Vopak, which hopes to increase the share of new energies
like hydrogen, ammonia, CO2, biofuels and sustainable feedstocks
in its worldwide terminal portfolio, confirmed it expected
growth investments to land below 300 million euros in 2022.
    The Rotterdam-based group also announced that, following the
strategic review of its assets in Australia, it had decided to
continue to operate these terminals.

($1 = 0.9246 euros)

 (Reporting by Juliette Portala; editing by Milla Nissi)
 ((juliette.portala@tr.com ; +48 58 769 66 07))