MIC has a 50% equity interest in IMTT, the operator of 10 marine storage terminals in the U.S. and part-owner and operator of two terminals in Canada.

Referring to results for 100% of the business for meaningful analysis of IMTT across periods, instead of MIC’s 50%, the company reported that terminal revenue increased 8.7% in the first quarter versus the same period in 2012.

The rise reflected rental rates that increased nearly 7% on average and the impact
of additional capacity placed in service. MIC expects average storage rates to
increase in a range between 5% and 7% over the full year.

However, first quarter capacity utilization fell to 92.7% versus 95.9% a year
earlier and terminal operating costs increased because of higher repair and maintenance expenses. MIC noted that excluding the effects of the hurricane-related costs, IMTT’s EBITDA would have increased by 12.8% in the first quarter.

Free cash flow generated by IMTT decreased to $34.4 million in the first quarter from $38 million in the same 2012 quarter, primarily because of repairs as well as an increase in the level of maintenance capital expenditures, both related to post-Sandy recovery.

MIC continues to peg maintenance capital expenditures for all of 2013 at $60 million. Excluding the Hurricane Sandy items, free cash flow would have increased by about 9.8%.

Six months to the day after Hurricane Sandy struck the New York-New Jersey region, the exact operating status of the Bayonne terminal remains unclear.

For example, market sources say that refined products pumping capacity into the Buckeye Pipeline resumed only as recently as late March or early April. Others say they’re still waiting for aviation fuel deliveries to resume at IMTT’s Bayonne terminal.

MIC’s statement on first quarter financial results provided no update on Bayonne’s operations, but a conference call to be held at 8 a.m. ET on April 30, and a downloadable presentation on its website, may do so.

In its last statement about Bayonne, on Dec. 17, 2012, IMTT said the terminal was “receiving and delivering substantially all products by all modes of transport. While permanent power has been restored to most of the facility, backup systems are in place and working in those parts of the facility still without permanent power.”

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Access operational and manager-level contact details of IMTT Storage Facilities in TankTerminals.com: 

IMTT Channahon – Illinois, IMTT Geismar – Louisiana, IMTT St. Rose – Louisiana, IMTT Arnold’s Cove – Canada, IMTT Quebec – Canada, IMTT Richmond – California, IMTT New Orleans – Gretna Lousiana, IMTT New Orleans – Avondale Lousiana, IMTT Lemont – Illinois, IMTT Norfolk – Virginia