In the first quarter of 2012, bulk liquid storage provider Westway Group’s total storage capacity reached 365 million gallons, an increase on the 352 million gallons reported at the end of Q1 2011.
At the end of the first quarter of this year, 92% of the group’s storage tank capacity was being utilised.
Westway Group has also taken on a number of projects that had either been completed or were underway during the first quarter of 2012. These include:
· The construction of four storage tanks in Amsterdam, the Netherlands, with a combined capacity of 1.9 million gallons. These tanks have now been completed and make up part of a project which got underway in 2011 and includes a total of nine storage tanks
· On 1 May 2012, Westway’s 1.5 million gallon storage tank became operational at its terminal in Jacksonville, Florida
· The group leased six acres of land from the Port Allen port authority in Los Angeles. The land is adjacent to its existing facility, allowing for future expansion projects
· Westway is expanding its Houston 1 and Houston 2 terminals in Texas. The Houston 1 expansion project involves the addition of 6 million gallons of storage and three new dock lines. Construction at Houston 2 involves the addition of 2.5 million gallons of storage. Both of these expansion projects are due to be completed in the second half of 2012.
The group’s consolidated net revenue for Q1 2012 was $111.2 million (€87.4 million), an 18% ($17.2 million) increase on the same time last year.
And the company’s net revenue for its bulk liquid storage business totalled $22.8 million for the first quarter of 2012. This is the same figure reported in Q1 2011.
Westway’s increase in liquid storage capacity does not include uncompleted construction projects, and has been attributed to its recent expansion at its Houston 2 terminal and its facility in Amsterdam.