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.
Inter Pipeline Fund Announces Very Strong First Quarter 2010 Results
05.07.2010 - NEWS
May 6, 2010 [Marketwire] - In the first quarter of 2010, Inter Pipeline's European bulk liquid storage business contributed $10.3 million to funds from operations, similar to that generated in the first quarter of 2009. Revenues were slightly lower due to foreign currency fluctuations and the sale of the UK trucking division in late 2009.
