An expansion project at TransMontaigne's Collins bulk storage terminal, along with the company's base business, has supported an increase in its first quarter financials.
Revenue for the first quarter of 2017 was $44.9 million, an increase of 10.6% compared to the same period in 2016. Consolidated EBITDA for the first quarter of 2017 was $27.3 million, a 13.3% increase compared to 2016 results.
The company says the improvement can be primarily attributed to port of its Collins Phase I terminal expansion coming online and re-contracting of storage capacity throughout the past year, including a portion at higher rates and greater utilisation.
In December 2016, the company placed 900,000 barrels of the two million barrels of new tank capacity into service at the facility in Mississippi. In February and May 2017 it placed an additional 300,000 barrels and another 300,000 barrels respectively into service. Completion of the remaining capacity will occur in various stages through the second quarter of 2017.
The facility is the only independent terminal capable of receiving from, delivering to, and transferring refined petroleum products between the Colonial and Plantation pipeline systems. The company says it is in the process of permitting an addition five million barrels of capacity for further construction at its Collins terminal and is in active discussion with several prospective customers regarding this.
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