Vopak : Awaiting new management to reshape the portfolio
>Clear turnaround catalyst needed to avoid further underperformance - Whereas Vopak in the first two COVID years was affected by weaker-than-normal chemical product flows, it now sees pressure has shifted to its oil products, caused by lack of product and lack of contango. Vopak’s storage occupancy rates have now dropped to 83-84%, even below the low-end of its historical 85-95% range, making it in our view difficult to raise prices, which are necessary to offset cost...Royal Vopak is a holding company. Via its subsidiaries, Co. acts as a tank storage provider for the oil and chemical industry. Co. operates a network of terminals located at locations along trade routes. Co. also provides a range of additional services, from loading and unloading a range of transport modalities to heating, cooling, blending and customs formalities. The customers Co. serves range from global to local clients and include national and global producers, governments, distributors and traders of liquid and gaseous bulk products. Co.'s customers are active in the production, trading and marketing of oil products, chemicals, gases, biofuels, edible oils and liquefied natural gas.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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