Vopak upbeat on outlook

Dutch-based Royal Vopak underscored the appeal of its oil and chemicals storage facilities with a forecast of strong long-term profit growth which helped send its shares to a more than 10-year high. The world’s largest independent tank terminal operator said it expected capacity expansion to boost core profit or EBITDA to between 625 million euros (US$842.2 million) and 700 million euros (US$943.26 million) in 2012, compared with 513 million euros (US$691.28 million) in 2009. For 2010, the company said it expected adjusted EBITDA to grow between 5 and 10%, though chief financial officer Jack de Kreij said he did not expect profit to grow as fast at the adjusted EBIT level in 2010. (March 28, 2010)