Revenue reductions were partially offset by additional storage revenue realized from newly constructed tanks entering into commercial service at Inter Pipeline’s Immingham terminal in the United Kingdom.
Tank utilization rates remained high, averaging 95.4% during the quarter, though down moderately from the 97.3% utilization rate achieved in the first quarter of 2009. Despite the recent economic downturn, demand for petroleum and petrochemical product storage in Europe remains high and continues to support strong utilization rates in this business segment.