Bulk Distributor May/Jun 19 | Page 39

B ULK D ISTRIBUTOR Ports & Storage May/June 2019 39 Amsterdam, Vopak sells assets following strategic review GPS rail deal V G lobal Petro Storage (GPS) and Port of Amsterdam have entered an agreement to develop a railcar connection on land located adjacent to GPS’s 11-tank gasoline and biofuel storage and blending facility. GPS intends to develop a rail connection to the public network and to points across Europe. The sustainable transport development complements Port of Amsterdam’s strategy, which endorses the importance of good rail connections to and from the port region. Peter Vucins, director of EMEA at GPS, says the expansion will enable GPS to capture future opportunities. The first step has been taken by asking for permits for the railcar connection. Vucins said: “This agreement enables GPS to continue the successful expansion programme that began when we acquired the terminal in late 2016, including adding significant gasoline capacity to our current terminal, which will come on stream in the second half of this year.” opak is taking further steps along its strategic path of changing the make-up of its terminal portfolio. In early April, the Dutch storage giant announced an agreement to sell its terminals in Algeciras (Spain), Amsterdam (Netherlands) and Hamburg (Germany) for €723 million. The buyer is First State Investments, the international arm of Australia’s Colonial First State Global Asset Management, an asset manager with over €127 billion managed on behalf of investors. First State also owns Navigator Terminals, a company set up in 2015 by Macquarie Capital and UK energy firm Greenergy to buy Vopak’s UK terminals along with Greenergy’s North Tees storage terminal. First State bought Navigator in 2016. The investment arm also owns or has ownership stakes in Brisbane and Adelaide airports, and ANZ Terminals, which operates storage facilities across nine locations in Australia and New Zealand with total capacity of 370,000 cbm. ANZ this year agreed to buy GrainCorp’s Australian Bulk Liquid Terminals. (See The sale of the three European terminals by AdvĞƌƟƐĞƌs Index Advanced Polymer Coatings Braid Logistics (UK) Carmocal Chemical Express CIMC Continental Disc Corporation Eceplast Srl Europaverkehre Hammer Flaxfield Trading Fleetmonitor Fort Vale Frans De Wit BV Gem Containers Globalstar Europe Gr ö ninger Cleaning Systems BV Hoyer Infotech-Baltika M JSC Intermodal Telematics BV JingJiang Asian Pacific Joint Tank Services Kanoo Tank Services Klinge Lexzau, Scharbau Lohia MIMU Modalis NTTank Pelican Worldwide Philton Bulk Liquids Alliance Premier Bulk Liquids Real Asset Management RL Trans Savvy Seaco Global Siloadmaxx Rental & Sales Silver/CIMS Singamas Container Holdings Spectransgarant Transchill Trifleet Leasing TWS Tank Container-Leasing VSP Technologies Events 27 4 1 5 6 38 37 12 7 28 24 20 8 30 19 16 10 29 11 18 21 9 2 33 11 5 14 22 35 34 32 26 31 3 36 15 16 13 17 19 15 23 For information on advertising contact us on: [phone] Published 6 times a year. Reproduction in whole or in part without written permission is strictly prohibited . ISSN 1462-0731 transport logistic 4-7 June 2019 Munich, Germany www.transportlogistic.de Fecc Annual Congress 12-14 June 2019 Sitges, Spain www.fecc.org Multimodal 18-20 June 2019 NEC Birmingham, UK www.multimodal.org.uk FachPack 2019 24-26 September 2019 Nuremberg, Germany www.fachpack.de EPCA 53rd Annual Meeting 6-9 October 2019 Berlin, Germany https://epca.eu EFIBCA Open Meeting 15 October 2019 Amsterdam, Netherlands https://efibca.com Intermodal Europe 5-7 November 2019 Hamburg, Germany www.intermodal-events.com ITCO Members Meeting 30-31 October 2019 Amsterdam, Netherlands www.international-tank-container.org Vopak’s Algeciras terminal is one of three European facilities the company is selling to First State Vopak follows a strategic review of the facilities announced in August 2018, and the transaction is expected to complete in the second half of 2019. The combined operational capacity of the three terminals is 2,288,000 cbm. The transaction, which carries an implied multiple of more than 10 times EBITDA, is expected to generate a net pre-tax cash inflow for Vopak of approximately €670 million at completion. The total expected exceptional gain before taxation will be around €200 million, to be recorded in the second half of 2019. “Today’s announcement is a next step in the delivery of our strategy and the alignment of our portfolio based on long term market developments,” said Vopak CEO Eelco Hoekstra. “In Europe, our main focus is to strengthen our position in the major industrial clusters Rotterdam and Antwerp. Globally, we currently have more than 2 million cbm under construction and new projects will be announced to grow our portfolio with a focus on industrial, chemical, and gas terminals and to maintain our strategic position in hub locations.” Marcus Ayre, partner First State Investments, added: “We are delighted to have reached an agreement with Vopak on the acquisition of the terminals in Algeciras, Amsterdam and Hamburg. This diversified portfolio of world-class oil product storage terminals provides an excellent fit with First State’s long term infrastructure investment philosophy. We look forward to working with the incumbent highly skilled management team and employees to continue to develop and grow the business.” Prior to the Algeciras, Amsterdam and Hamburg announcement, Vopak said it had also divested its ownership of Vopak EOS in Estonia. Vopak held 50 percent of Vopak EOS alongside partner Global Ports Investments PLC. Both firms have now sold their 100 percent effective share ownership in the joint venture to Liwathon, a commodity trader and logistics business headquartered in Abu Dhabi, UAE. Vopak EOS operates a total storage capacity of 1 million cbm in Port of Tallinn and includes the railway company ERS Ltd, a wholly owned subsidiary of Vopak EOS. This divestment is the outcome of an earlier strategic review. In 2017, Vopak fully impaired its investment in Vopak EOS. The modest transaction result will be reported in the Q2 2019 results. B ULK D ISTRIBUTOR Est. 1990 HAVE YOU SEEN OUR WEBSITE? Bulk Distributor’s website is regularly updated with the latest news, analysis, product reviews, exclusive interviews and industry events. With growing global traffi c, the website is becoming a hub for the bulk logistics industry. Bulk Distributor’s monthly email newsletter is one of the most widely read in the industry. 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