Americas News
VTTI Reports Strong Financials, Full Tanks
Crude and products storage firm VTTI Energy Partners LP has reported generally positive financial results for the fourth quarter ended December 31, 2015.
The company noted it has managed to keep the tanks at its six oil storage terminals filled.
"Our market-leading terminal assets continue to perform superbly. Storage capacity was close to 100% utilization across the portfolio, with strong customer demand and a supportive market backdrop where we see contango pricing in a number of oil products," said Rob Nijst, Chief Executive Officer of VTTI.
"The fall in commodity prices has no direct impact on our business model and the key drivers of our business, global product demand and intra-regional flows, are continuing their long-term upward trajectory."
Nijst went on to say that the outlook for VTTI "is very positive" with strong future demand expected.
"Our highly flexible and efficient terminals have long-term contracts in place with strong counterparties that safeguard the future financial performance of the Partnership," he said.
Adjusted earnings were $47.6 million in the fourth quarter of 2015, slightly less than the $50.1 million generated the fourth quarter of 2014.
However, the limited partnership was able to generate distributable cash flow of $13.7 million in the fourth quarter, slightly more than distributable cash flow of $12.7 million generated in the fourth quarter of 2014.
In May of 2015 Ship & Bunker reported that VTTI had started on the second phase of its Malaysian terminal.
