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Stock Market & Financial Investment News

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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.
News For WPT From The Last 14 Days
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May 13, 2015
17:53 EDTWPTWorld Point Terminals sees near-term under-utilization of assets
During its Q1 earnings report, World Point Terminals stated, "We had 580,000 barrels of tankage contracted under month-to-month contracts that replaced revenues from contracts that were not renewed at the end of 2014. There is no certainty that we will be able to keep those tanks under contract throughout 2015. In addition, there is no certainty that contracts expiring in 2015 will be extended or that any extension or recontracting will result in the same level of revenue. Despite the likelihood that we may experience some near-term under-utilization of our assets, we maintain our belief that the long-term outlook for our industry remains strong."
17:50 EDTWPTWorld Point Terminals reports Q1 revenue $25.14M, three estimates $24.47M
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