Royal Vopak sells Savannah terminal

The operational capacity of Vopak Terminal Savannah is 250,566m3, mainly used as storage for vegetable oils, asphalt and specialty chemicals.

The transaction will be subject to post-closing adjustments and US capital gains tax and will result in expected net cash proceeds of around US$80 million.

Michiel Gilsing, chief financial officer of Vopak, said: “The divestment of the Savannah chemical terminal is in line with our strategic goals to improve the financial performance of the portfolio, grow Vopak’s footprint in gas and industrial terminals and accelerate towards new energies.

“We remain committed to actively manage our portfolio towards infrastructure investments that support the long-term cash flow profile and return ambitions of the company.”

The completion of the deal is subject to customary closing conditions and is expected to be finalised in Q2 2023.

Maria Ciliberti, division president Vopak Americas, said: “Although within Vopak we will surely miss our colleagues at the Savannah terminal, we are convinced that our customers and colleagues will be well served by becoming part of BWC Terminals’ network in North America.

“We would like to thank our Savannah colleagues and customers for their trust and contribution to Vopak and will work together towards a closing and smooth transfer to BWC Terminals.”