Dutch oil and chemical storage company Vopak's revenues for the second quarter of 2018 fell by 5 percent to €309.9 million from €327.5 million in the same quarter of 2017, the company said on Friday.
Vopak said its group operating profit before depreciation and amortization also decreased by 5 percent during the same period, compared to the second quarter of 2017.
The results were due to dropped occupancy rates, the company said.
A less favorable oil market structure, which caused lower rented capacity mainly at the oil hub terminals resulted in an occupancy rate of 86 percent, compared to 91 percent in the same period of 2017, the company explained.
"Given the market conditions to date, the results delivered are satisfactory," said Royal Vopak Chief Executive Officer Eelco Hoekstra.
By Murat Temizer