Utilisation and demand factors for terminaling assets have played a key role in VTTI Energy Partners’ strong financial performance.
The company reports that total operating income for the first quarter of 2016 was $31.8 million and adjusted EBITDA was $49.9 million, compared to the first quarter of 2015, which was $50.9 million.
The underlying financial performance results were positively impacts by revenue growth due to high levels of ancillary revenue generating activities.
CEO Rob Nijst says: ‘Another strong operating performance was achieved by VTTI in the first quarter of 2016. Utilisation and demand levels remain high and we continue to see a supportive market backdrop for international terminaling assets.
‘The outlook for VTTI is very positive, with strong demand for international storage capacity driven by a supportive market environment today and favourable underlying macro trends. VTTI continues to pursue actively both greenfield and brownfield opportunities to add to our existing dropdown inventory, which is today approximately three times the asset base held within the MLP.’