Dutch tank storage company Vopak on Wednesday raised its 2023 core profit outlook as it expects favourable storage demand to persist for the rest of the year.

Vopak has bet on increasing demand for storage of oil and gas products coming from long distances, as several markets ebb away their dependency on Russian supplies.

The start to the year demonstrates the strength of our organization and diversity of our infrastructure portfolio across geographies, energy and manufacturing markets and customers,” CEO Dick Richelle said in an earnings statement.

The group, which offers storage and transshipment solutions, expects its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to exceed 950 million euros ($1.04 billion) this year.

It had previously forecast an annual EBITDA of between 910 million and 950 million euros, up from 887.2 million in 2022.

Vopak reported an EBITDA of 249 million euros for the first quarter, beating analysts’ average estimate of 233 million euros.
Source: Reuters (Reporting by Diana Mandiá and Pierre John Felcenloben in Gdansk; Editing by Milla Nissi)