Vopak says diversification into biofuel storage hit Q3 earnings

In the Netherlands, global oil storage company Vopak said that the company’s drive to diversify into biofuel and vegetable oil storage—which now makes up 12.5% of the company’s operating profits—hurt its 3Q earnings as investors sought to keep their positions low due to an uncertain European market. Vopak’s occupancy rate decreased slightly to 92 percent from 93 percent a year ago, mainly due to a lagging demand for biofuel storage.

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