AL sites boost World Point results

30.03.16. World Point Terminals LP posted a US$0.6 million increase in net income for 2015. Adjusted EBITDA rose $5.8 million.
Revenues increased by $6 million, or 7 percent, compared with the previous year, while base storage service fees increased by $5.7 million, or 8 percent, primarily as a result of the addition of two Alabama terminals, Blakeley Island and Chickasaw, in the second quarter of 2014, and the addition of the Greensboro, NC, facility in the first quarter of 2015, partially offset by reduced base storage fees at Galveston, TX.
Excess storage fees decreased by $0.3 million, or 30 percent.
“I am pleased with the operating performance and full year financial results,” said Ken Fenton, president and COO of WPT GP, LLC, the general partner. “2015 was a challenging year, but our conservative business strategy left us well poised to overcome those challenges. We have grown the business steadily over the last year, both in terms of returning tank capacity to service at our Mobile terminals and building relationships with new and existing customers. As a result, 91 percent of our terminal capacity is currently in service and under contract.”