MIC has a 50% equity interest in IMTT, the operator of one of the largest independent bulk liquid storage terminal businesses in the U.S.

IMTT owns and operates 10 marine storage terminals in the U.S. and is part owner and operator of two terminals in Canada. The terminals store and handle a wide variety of petroleum grades, chemicals and vegetable and animal oils.

In the second quarter, IMTT reported a gross profit of $75.342 million, up from $63.412 million a year ago.

Average storage rental rates increased 6.5%; MIC continues to believe that average storage rental rates will increase by between 5% and 7% for the full year.

Capacity utilization was stable at 92.9%. Utilization increased from 92.7% in the first quarter of 2013 but remains below historically normal levels, as expected, as a result of certain large tanks being out of service for cleaning and inspection and conversion to alternate product services.

Maintenance capital expenditures increased to $26.9 and $46.0 million for the quarter and year-to-date periods in 2013 compared with $7.3 and $15.5 million in the prior comparable periods.

The majority of the increase in 2013 pertains to costs to repair the damage from Hurricane Sandy at IMTT’s Bayonne, N.J., facility, higher costs related to tank cleaning and repair, the upgrade of fire protection equipment, dock improvements in California and a number of projects that could not be completed in 2012 due to Hurricane Sandy.

Maintenance capital expenditures in 2014 are expected to return to the range of levels observed in 2010 through 2012.

Free Cash Flow generated by IMTT decreased 34.6% to $24.3 million and 21.9% to $58.7 million for the quarter and six months ended June 30, 2013, respectively.

The decline in Free Cash Flow stems from higher maintenance capital expenditures and an increased tax provision that more than offset the increase in EBITDA excluding non-cash items in each period.

IMTT made a distribution of $11.1 million for the second quarter to each of its two shareholders on July 30, 2013.

Meanwhile, MIC’s consolidated gross profit rose 3.8% to $101.4 million in the second quarter of 2013 from $97.7 million in the same period in 2012. For the six months ended June 30, 2013 the company’s gross profit increased 4.0% versus the comparable period in 2012.

MIC owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States.

Its businesses consist of a gas processing and distribution business, Hawaii Gas, a controlling interest in a District Energy business in Chicago, and a 50% interest in a bulk liquid storage terminal business, International-Matex Tank Terminals.

MIC also owns and operates an airport services business, Atlantic Aviation, and three solar power generation facilities, collectively MIC Solar.