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June 18, 2014
17:19 EDTWPTWorld Point Terminals acquires two terminals in Mobile, AL
World Point Terminals announced it has acquired two terminals in Mobile, AL that will have a total shell capacity of 1,826,000 barrels once necessary repairs and upgrades are made to the tanks. The Partnership will pay approximately $14M in cash for the acquisition. The Blakeley Island terminal has a total storage capacity of 1,182,000 barrels for the storage of crude oil, distillates and residual fuels. The terminal is currently served by ship and barge with the ability to add truck access. None of the tankage is currently under contract. The Chickasaw terminal has a total storage capacity of 644,000 barrels for the storage of asphalt, crude oil, and residual fuels. The terminal is served by ship, barge, truck and rail. Approximately 450,000 barrels is currently under contract. The Partnership expects to incur between $8M-$12M in capital expenditures, including the purchase of land that is currently leased, to return both terminals to full operational capacity. The Partnership believes these terminals will align well within its existing geographic footprint and support its strategy for growth through stable fee-based revenues. While these assets will not immediately have a significant impact on EBITDA or distributable cash flow of the Partnership, they provide a 14% increase in our available storage capacity and significant growth potential for our unitholders.
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