The HES International project to build a 1.3 m cbm tank terminal in the Port of Rotterdam ran into financial difficulties after an accumulation of setbacks, mainly due to COVID-19 and a fire at the terminal, which caused significant delays and additional costs. Unfortunately, it is no longer financially viable for HES International to invest the further significant amounts required to complete the HES Hartel Tank Terminal given the level of project finance indebtedness at the terminal level.
Over recent months, HES International has been in discussions with the project finance banks and the expected customer to find a solution that would allow construction to be completed. Unfortunately, these discussions did not lead to a solution, resulting in the insolvency of HES Hartel Tank Terminal.
HES Hartel Tank Terminal is an entity fully separate from the rest of the HES Group. Therefore, this insolvency has no impact on HES International's wider operations, which continue to operate normally and perform strongly. No impact is expected on HES customers or employees at other locations.
HES International will continue its strong strategic ambition to diversify the business portfolio by seizing opportunities from the ongoing energy transition and remains committed to the continued strategic development of its Dutch and European locations.
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Contact Esther Erkelens (Manager Corporate Communications HES International) via email@example.com