The key to surviving and thriving amid the carnage in global oil markets is having a place to store the stuff.
Oil prices have dropped 60 percent since June as the U.S. pumped more shale crude and OPEC resisted calls to cut production, stoking a global supply glut. While the 28-company STOXX 600 Oil & Gas Index has fallen 4.9 percent this month, shares of Rotterdam-based Royal Vopak NV (VPK), the world’s largest independent storage tank operator, have surged 15 percent.
“We don’t know specifically about occupancy rates but we hear from companies that inquiries for tank storage are growing,” Ronald Backers, adviser for business intelligence at the Port of Rotterdam, said by phone Jan. 12. Europe’s largest port has crude oil tank storage of 85.6 million barrels.