Vopak, the world’s largest ind ependent storage tank operator, reported core earnings ahead of analysts’ expectations, but shied away from forecasting profit growth in 2016.

The company reported full-year core earnings (EBITDA) of 812 million euros ($898 million), up 6 per cent on the year before and ahead of the 798 million forecast by analysts polled for Reuters.

Vopak said 2016 occupancy rates at its terminals would exceed 90 per cent, down from an average of 92 per cent in 2015.

"It means that we do not expect huge swings, negative swings, in our EBITDA development," Chief Financial Officer Jack de Kreij said, but the company has divested several terminals in the US and its earnings are influenced by fluctuations in the dollar. You can rely on a solid year in 2016," he said.

The current oil glut has given a boost to storage providers and Vopak’s European business is especially strong, but that has been undercut somewhat by declining revenue in China and Singapore amid greater competition.