20 BULKDISTRIBUTOR Ports & Storage November / December 2017
20 BULKDISTRIBUTOR Ports & Storage November / December 2017
Change in ownership at Eemshaven
Whitehelm Capital and Royal
Vopak have announced a change in ownership in Vopak Terminal Eemshaven , a joint venture storage facility in the Netherlands between Vopak and NIBC European Infrastructure Fund ICV ( NEIF ). Whitehelm Capital is to buy 90 percent of the shares in the company from Vopak and NEIF on behalf of two pension fund investors . Vopak will retain 10 percent of the shares . Vopak Terminal Eemshaven provides strategic reserves storage of liquid oil products , such as gasoil and gasoline . The terminal comprises 11 tanks with a total capacity of 684,025 cbm , and has a deepwater jetty for seagoing vessels . This financial ownership transaction will not have any impact on the terminal operations or name of the terminal , the two firms said . Vopak will continue to manage and operate the terminal . From an accounting perspective the 10 percent ownership by Vopak will be classified as an investment in an associate , the exceptional gain will be included in Vopak ’ s Q3 results .
Whitehelm is a long-term investor that invests in infrastructure assets with stable long term cash flows . It has a long history of investing in the tank storage sector , contributing to its development into an attractive asset for institutional investors . Vopak says the transaction is in line with its strategy to focus its ownership within its global network on four terminal types : industrial , gas , distribution and hub terminals . Since 2011 Vopak and NEIF were both 50 percent shareholders in the joint venture terminal .
MISC moves on
Malaysian shipping line MISC is selling its 45 percent stake in Centralised Terminals Sdn Bhd ( CTSB ) to Dialog Group for RM193 million . The move follows MISC ’ s aim to focus on energy related maritime services . The LNG shipper said it had signed a deal to dispose 4.50 million shares and 10,800 redeemable preference shares of RM137mil and repayment of shareholders ’ advance on behalf of CTSB of RM56 million . “ The proposed disposal is in line with MISC ’ s initiative to divest MISC ’ s non-core tank terminal business , unlock the value of MISC ’ s investment in CTSB and to focus on its core business in the energy related maritime solutions and services ,” it said . CTSB owns 80 percent of Langsat Terminal ( One ) Sdn Bhd and Langsat Terminal ( Two ) Sdn Bhd , with Puma Energy being the other joint venture stakeholder . Both facilities provide centralised tankage and services to the oil , gas and petrochemical industry .
Langsat Port where MISC is divesting its stakes in two tank terminals
JPTT JV
Jurong Port Pte Ltd and Oiltanking have launched a joint venture for a new liquid bulk terminal that will bolster trading and storage of petrochemical products in Singapore . The joint venture , Jurong Port Tank Terminals ( JPTT ), was launched in less than two years from the signing of an agreement between the two parties in December 2015 to develop , own and operate the terminal now under construction on Jurong Island . The facility will be supported by four jetties capable of handling vessels up to 180,000 dwt . It will be connected via pipelines to Jurong Island . Earlier this year , the joint venture partners awarded the construction work to Rotary Engineering and Antara Koh .
Boxes up in ���������
The number of containers handled in Port of Rotterdam continues to grow . In the first nine months of 2017 , throughput increased by 10.1 percent compared with the corresponding period in 2016 , to a total of 10.2 million TEU . The port ’ s total throughput in the same period grew by 2 percent . The volume of liquid bulk fell by 4.2 percent , to 161.5 million tonnes . Even though higher production rates in the refining sector resulted in 3.5 percent more crude oil being handled in Rotterdam ’ s port area , the third quarter saw a further decrease in mineral oil products as a whole . This was primarily caused by a drop in the import and export of fuel oil from Russia following an increase in export duties .