November 11, 2015 [OPIS] - VTTI Energy Partners, a global storage terminal company backed by Vitol, said on Tuesday that its total operating income for the third quarter was $39.7 million, compared with $25.1 million a year ago.
Net income was $25.6 million versus $21.2 million a year ago. Adjusted EBITDA for the third quarter was $57.1 million, compared to the third quarter of 2014 of $45.4 million.
The $57.1 million of Adjusted EBITDA included a cash receipt resulting from a contractual settlement at its Rotterdam terminal of approximately $9.3 million.
The partnership generated $17.9 million of distributable cash flow for the third quarter, compared to a prorated distributable cash flow of $6.6 million for the third quarter of 2014.
VTTI is a limited partnership, formed to own, operate, develop and acquire refined petroleum product and crude oil terminaling and related energy infrastructure assets on global scale. The partnership’s assets include interests in six terminals with a combined total storage capacity of 35.5 million bbl.
In the U.S., VTTI owns and operates the 2.8-million-bbl capacity products terminal at Port Canaveral in Florida. The other five terminals are located in the Netherlands, Belgium, U.A.E and Malaysia.
VTTI said that its 1.6-million-bbl expansion project in Malaysia has become operational and its 2.7-million-bbl expansion project in Fujairah is progressing well with operations expected to begin in mid-2016.
