Inter Pipeline’s bulk liquid storage segment generated $29.6 million funds from operations in its second quarter financials – an increase of 44%.
The company says that the marked increase relates to the inclusion of its Swedish operations, which it acquired from Vopak last June, and strong contango pricing that led to higher utilisation rates at its Danish terminals.
Inter Terminals operated at near capacity in the second quarter of 2016, with utilisation rates averaging 97% compared to 93% in the same quarter in 2015. The increase has been attributed to higher storage demand across Inter Terminals business, with utilisation improvements in Sweden, Denmark, Germany and the UK.
Total pipeline throughput volumes in this quarter averaged more than 1.2 million barrels per day, a 14% increase over the same period last year.