Estonia, Logistics, Markets and Companies, Oil, Transport

The company's loss in 2016 totaled 57.7 mln euros and the reason for it was an asset write-down in the sum of 55.7 mln euros, which was caused by the structural deterioration of the company's business environment, the company said.

"A decrease in the production volume of Russian oil factories and an increase in the competition between terminals located in the Nordic and Baltic region, caused by overcapacity in the business sector, limited the demand for the company's services last year," Olga van Kampen, spokesperson for Vopak, said.

At the same time Vopak E.O.S. has implemented a number of technological and logistical advantages and diversified its range of goods.

The group owns four terminals with a total storage capacity of over one million cubic meters -- Termoil, Trendgate, Pakterminal and Stivterminal. The terminals of Vopak E.O.S., which have a direct connection with the railway infrastructure, are located in the port of Muuga.

Railway company E.R.S., which is owned by Vopak E.O.S., is responsible for rail transport and logistics from the Russian-Estonian border to the terminals. Vopak E.O.S. is a joint venture founded by Royal Vopak and Global Ports Investments.