A 25% surge in dry bulk volumes helped Rotterdam-based port storage specialist HES Beheer to post half-year pre-tax profits of €10.8m ($14.1m), up from €6.9m in the like period 2009.
The port logistics company focused on storage, transhipment and processing of dry bulk products in The Netherlands and the Uk and saw a "strong recovery" in iron ore volumes, driven by higher capacity utilization at European steel plants.
Coal volumes were also higher i" in relative terms" than in January-June 2009, although agribulk and biomass throughputs were lower.
Total group revenues for the half year were €36m, up from €9.9m compared with €6m in the like period last year.
HES Beheer management expects volume and storage demand to "remain at good level" in the second half of 2010 and the full year profit to exceed last year's record figure of €16.7m by "at least 10%".
The first phase of a 200,000m3 tanks storage expansion project at Rotterdam, by Botlek Tank Terminal, in which HES Beheer has a 50% stake, is on track and scheduled to enter service in the fourth quarter of 2011.
BTT and the Port of Rotterdam Authority signed a lease for the second phase of tank capacity expansion at the key Dutch port, Europe's largest by volumes handled.