12.11.15. VTTI Energy Partners reported adjusted EBITDA of US$57.1 million for the third quarter of 2015, compared with $45.4 million for the third quarter of 2014.
CEO Rob Nijst stated: “Another strong quarter for VTTI, continuing the pattern of stable financial performance we have seen since our IPO last year. Our business model is based on long-term structural trends, such as regional supply and demand imbalances and global product demand growth, while our near term cash flows are underpinned by the take-or-pay contracts we have in place for the vast majority of our capacity.”
Total operating income for the third quarter was $39.7 million while net income was $25.6 million. The $57.1 million of adjusted EBITDA included a cash receipt resulting from a contractual settlement at the 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 2014.
On 9 November, VTTI was informed by VTTI BV that Vitol Investment Partnership, an investment vehicle sponsored by Vitol Holding BV, which indirectly owns 50 percent of VTTI BV, had acquired MISC Berhad’s indirect 50 percent stake in VTTI BV.
Nijst continued: “We are pleased to announce that the 1.6 MMbls expansion project in Malaysia has become operational and that the 2.7 MMbls expansion project in Fujairah is progressing well with operations expected to begin in mid-2016. These assets further increase the existing dropdown inventory for the Partnership from VTTI BV. We also continue to engage actively in the pursuit of both greenfield and brownfield opportunities for future potential acquisitions.”